Financial Markets Regulatory Practices - Non Examinable Course (FMRP NEC)

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1. Purpose

1.1 The FMRP NEC is intended to update eligible individuals on changes to the Blue Book and FX Global Code. 

2. Target Audience
2.1 The FMRP NEC is applicable to individuals who are FMRP-certified before 29 June 2018 or who were exempted from the FMRP Exam at the time of introduction of the FMRP in 2012, and continue to be engaged in the wholesale financial markets in Singapore.

3. Structure
3.1 The FMRP NEC comprises of:
(i) An interactive quiz with 35 questions which is delivered to individuals through the Learn@IBF Mobile App. This quiz will focus on the changes made to the Blue Book, including the relevant principles from the Global Code which have been incorporated as part of the Blue Book; and
(ii) An e-copy of the revised FMRP Study Guide as recommended reading. 

3.2 Individuals must complete each quiz question before they are allowed to proceed to the next questions. There are no features for individuals to amend their submitted answers. Live feedback will be provided to candidates immediately after they answer each question.

4. Duration
4.1 The FMRP NEC will be available from 2 July 2018 until 31 December 2018. Individuals may complete the FMRP NEC at their own pace before 31 December 2018.
4.2 All individuals under Para 2.1 must ensure that they complete the FMRP NEC before 31 December 2018, otherwise they will be required to re-take the FMRP Exam.

5. Completion & Certification
5.1 Individuals must answer all 35 quiz questions in order to complete the NEC. Completion of the NEC quiz will constitute a renewal of the FMRP certification.
5.2 IBF will not issue any certificates as this is an online course. 
5.3 Financial institutions are responsible for accurately monitoring and reporting the status of their employees' completion of the FMRP NEC. Administrators will be able to download a completion report from the Learn@IBF App which will serve as a record of NEC completion.
6. How to Enroll for the FMRP NEC
6.1 Financial institutions are expected to subscribe to the Learn@IBF mobile app to register their employees for the FMRP NEC. Upon receipt of the completed subscription form and payment, IBF (via SmartUp) will grant access to the firm's administrators and individual users to the Learn@IBF app.
6.2 Firms' administrators will be able to manage the individual employees' user accounts, monitor their staff's completion status of the NEC, download completion records, etc. Once access has been granted, individuals will receive an email from Learn@IBF/SmartUp with their login details.
6.3 Individuals should check with their respective financial institution regarding subscription and access to Learn@IBF.
6.4 The closing date for subscription to Learn@IBF for the FMRP NEC is 31 October 2018.

Please write to IBF at if you have any queries.
7. Fees
7.1 $150 per registered user (IBF-Member) or $180 per registered user (Non-Member), excluding GST.
8. Course Outline
8.1 The FMRP NEC is designed to update eligible individuals on the key changes in the Blue Book which was released on 12 April 2018. It will cover the following topics:

Chapters Chapter Title
Chapter 1 Introduction
Chapter 2 Ethics, Behavioural Standards and Professional   Conduct  
Chapter 3 Confidentiality and Information Sharing
Chapter 4 Governance, Risk Management and Compliance
Chapter 5 Execution and Handling of Orders
Chapter 6 Confirmation and Settlement
Chapter 7 Handling Market Disruptions
Chapter 8 Benchmark Rate Setting

8.2 Please note that the FMRP NEC quiz will focus on new changes to the Blue Book, including some of the FX Global Code principles, revised guidance on name disclosure, handling of customer orders, recording of communications, etc. It will not cover FX Global Code principles which are already covered in the existing FMRP Exam. Candidates who wish to revisit all the FX Global Code principles and revised Book may refer to the revised FMRP Study Guide.
9. FTS Funding
This course is eligible for FTS Funding (for limited subscription only). Please refer to the Claims Submission Page on the IBF website for more information. 

By proceeding with this subscription, you are deemed to have agreed with the Terms & Conditions listed below.

1. Services
1.1  IBF shall provide a mobile learning platform “Learn@IBF”, which is a multi-device learning platform configured for viewing on mobile, tablet and desktop.
1.2  Learn@IBF should only be made available to the financial institution’s Singapore-based staff. Financial institutions are not allowed to create their own private content channel on Learn@IBF, unless there is a separate agreement that permits them to do so.
1.3  Log-in details for the Learn@IBF mobile app will be sent to registered users via emails provided by their employers. Financial institutions are responsible for the accuracy of all registration details provided during registration.
1.4  Financial institutions are responsible for accurately monitoring and reporting the status of their employees’ completion of the FMRP NEC.

2. Subscription
2.1  Access to the FMRP NEC via Learn@IBF (limited subscription) will be available after successful application and full payment of subscription fees.  Financial institutions will be charged based on the number of individual users to be registered for the FMRP NEC.
2.2  Registered users will be granted access to the Learn@IBF mobile app from date of successful application until 31 December 2018.
2.3  Subscription fees will not be pro-rated or refundable at any time.

3. Intellectual Property Rights
3.1  Reproduction, in whole or in part, of any of the content on Learn@IBF is strictly prohibited and liable to legal action.

4. Data Protection
4.1  The financial institution acknowledges that IBF will have access to personal data of users of Learn@IBF.
4.2  The financial institution consents to the use, processing and transfer of such personal data by IBF in relation to the provision of Learn@IBF and in accordance with all applicable data protection legislation. This may involve the transfer of users’ personal data outside of Singapore.

4.3  IBF shall:
a. Use reasonable technical and organisational measures to prevent unauthorised or unlawful access to the personal data collected for Learn@IBF or its accidental loss, destruction or damage;
b. Comply with applicable data protection laws; and
c. Notify the financial institution promptly on becoming aware of any data breach or data loss in relation to Learn@IBF, and provide all reasonable assistance required by the financial institution. 

5. Learn@IBF Administrators
5.1  The Administrators would be assigned with the following rights within the Learn@IBF:
a. Access to all staff records across Learn@IBF platform;
b. Ability to create, manage and deactivate staff Learn@IBF accounts;
c. Access to all data analytics of their registered users on the Learn@IBF platform.

5.2  There should be at least 2 Administrators appointed at all times to ensure check and balance.
5.3  As completing the NEC quiz would constitute a renewal of the FMRP certification, the access rights and completion records of individual users are not transferable and replacements of registered users are also not allowed.
5.4  Financial institutions and Administrators should not create additional user accounts beyond those which have been subscribed/applied with IBF. IBF will conduct checks at the end of the NEC and has a responsibility to report any misconduct to the Singapore Foreign Exchange Market Committee (SFEMC).
5.5  Administrators will be provided with a User Guide to Learn@IBF upon successful payment and confirmation of subscription to Learn@IBF.

For more information, please contact us at or visit us online at  

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