Responsible Executive (RE) Exams

Responsible Executive Examinations

The Stockbrokers And Financial Advisers Association of Australia offer Responsible Executive (RE) Examinations.

From 1 June 2015, ASX Clear will not require clearing participants to have Responsible Executives. 

Accordingly, there is no longer any compulsory examination prescribed for clearing and settlement REs. 

Responsible Executives are still required for trading participants under the ASIC (ASX Markets) Market Integrity Rules, and REs will still need to pass the prescribed examination prior to appointment.

While the ASX requirements may have changed, the Stockbrokers And Financial Advisers Association believes it is very important to continue to offer this training and the relevant examinations.  Notwithstanding the relaxation of rules by the ASX, the Association believes that all REs and Senior Executives should have - and maintain - a working knowledge of the key clearing and settlement requirements. Therefore the Stockbrokers And Financial Advisers Association will continue to offer the 3 x RE Exams:
1.      ASIC ASX Markets, Clearing and Settlement Examination (45 questions);
2.      ASIC ASX Markets Examination (41 questions); and
3.      ASX Clearing and Settlement Examination (41 questions).  

The Stockbrokers And Financial Advisers Association also conduct training workshops for those wanting additional preparation prior to sitting their RE Examinations. More information on these preparatory training workshops.

The Stockbrokers And Financial Advisers Association Cancellation Policy is applicable to all Accreditation & Training Courses.

What is the The Markets, Clearing & Settlement RE Exam

The Markets, Clearing & Settlement RE Exam is a combination of the ASIC Market Integrity Rules (ASX Markets) 2010 and the ASX Clear Operating Rules (Clearing & Settlement) Responsible Executive Examination. The Examination enables ASIC RE's to obtain an approved qualification under ASIC Market Integrity Rule 2.3.1(c)(i) in trading, and ASX Clear RE's to obtain an approved qualification under ASX Clear Rule 4.22.1(c) and Procedure 4.22.1 in clearing & settlement in the one combined exam. (This is the successor to the old ASX/ACH RE Exam which ran from 2004 until 31 July 2010).

The exam is made up of 45 questions with a 65% passmark (ie. 30 out of 45). An exam supervisor is required and candidates have 12 weeks from enrolment in which to complete the exam. The exam is one-hour long with an additional 15-minutes reading time.

What is The Markets RE Exam

The Markets RE Exam is the ASIC Market Integrity Rules (ASX Markets) 2010 Responsible Executive Examination. The Examination enables ASIC RE's to obtain an approved qualification under ASIC Market Integrity Rule 2.3.1(c)(i) in trading. (This is the successor to the old ASX RE Exam which ran from 2004 until 31 July 2010).

The exam is made up of 41 questions (10 sections: 4 questions from each section plus 1 question on unprofessional conduct) with a 65% passmark (ie. 27 out of 41). An exam supervisor is required and candidates have 12 weeks from enrolment in which to complete the exam. The exam is one-hour long with an additional 15-minutes reading time.

What is The Clearing & Settlement

The Clearing & Settlement RE Exam is the ASX Clear Operating Rules (Clearing & Settlement) Responsible Executive Examination. The Examination enables ASX Clear RE's to obtain an approved qualification under ASX Clear Rule 4.22.1(c) and Procedure 4.22.1 in clearing & settlement. (This is the successor to the old ACH RE Exam which ran from 2004 until 31 July 2010).

The exam is made up of 41 questions (8 sections: 5 questions from each section plus 1 question on unprofessional conduct) with a 65% passmark (ie. 27 out of 41). An exam supervisor is required and candidates have 12 weeks from enrolment in which to complete the exam. The exam is one-hour long with an additional 15-minutes reading time.

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