To execute equities trades on the JSE Securities Exchange South Africa, it is necessary to pass the JSE Registered Securities Trader Examination. JSE Rule 6.10.5 states that a person who seeks to be registered with the JSE as a registered securities trader must satisfy the fit and proper requirements of rule 4.10 and must have obtained a pass in the registered securities trader examination prescribed by the JSE.

Syllabus outline

Exam format

Enrolment and Payment

Learning material

Exam dates and venues

Appeals

Results and certificates

Costs

Special exam procedure concessions

Cancellations

Time limits

The syllabus (January 2025/2026 edition) is made up as follows:

• JSE Equities Rules and JSE Listing Requirements
• JSE Equities Directives
• Act no. 19 of 2012: Financial Markets Act, 2012
• JSE Trading System

Further information regarding accessing the learning material and updates can be found below.

EXAMS FORMAT

Duration: 1 hour
Number of questions: 50
Competency (Pass) mark: 70%
No negative marking.

The system will keep time in accordance with the downloading speed of a particular Internet connection. In other words no time will be lost if the download is slower than normal. An eye should be kept on the timer displayed at the right hand corner of the Examination Title Screen to keep track of time. If the time runs out, the examination will automatically terminate and the score will be calculated.

The system is specifically designed to save any questions submitted so that in the case of a power failure or internet interruption, no data will be lost. In the event of a learner not being able to continue the exam within a reasonable period of time due to a power failure or internet interruption, the exam must be abandoned. The questions already answered will be deleted and a new appointment must be made to retake the exam from the start.

In the event of any delay in starting or any interruption of the exam, the learner is entitled to reschedule the exam appointment. Should a learner decide to wait for the cause of the delay to be resolved and start or carry on with the assessment, there can be no recourse taken with SAIFM should the outcome of the assessment not be a competent (pass) mark.

Exam procedure

Log in with your identity number or passport number. This must correspond with the number used to enrol. Please leave out all alphabetical spacing symbols (-) and spaces.

• Next a screen will appear with all the examinations that you are registered for.
• Select the examination you wish to do.
• The invigilator at the testing centre will unlock the exam session for you.
• The Exam Title Page will now appear.

Navigation bar
The navigation bar has the following options:
Back: Regress to the previous question without submitting an answer to the current question.
Submit: Submits your answer for the current question and continues to the next question.
Progress indicator: Shows you the list of questions that you have already answered. If you want to change the answer to a question that you have already answered, click on the question in the progress window in the bottom left hand corner and select “GO”.
Leave unanswered: If you have selected an answer, but change your mind and wish to rather leave the question unanswered, select this option.
Final submission of answers: Once you have reached the end of your examination and there is still some time left, you will be requested to submit your final answers. Once you hit the “Submit Final Answers” button your final score will be calculated and you will not be able to correct any more answers.

Revision of incorrect answers:

Upon completion of your exam once the results have been obtained, you will be allowed 10 minutes to review the questions and answers that you had wrong. This is the only time that will be available for you to review your incorrect answers and you will not be able to review them at a later stage.

Enrolment

Enrolment takes places online via the SAIFM Virtual Exam Centre. To create or update a profile, select Enrol and enter an identity or passport number. If the database contains information linked to the identity or passport number, the information will display and any changes can be updated. If no information is linked to the identity or passport number, the required information must be completed.

Time limits within which exams must be taken

Exams must be taken within 6 months of date of payment. After the 6-month period, the right to take the assessment lapses and no refunds will be made. Should a candidate wish to take the exam after the 6-month period, the exam will have to be repurchased.

Purchase the exam by credit card

The exam(s) can be purchased by adding them to the shopping basket at the Virtual Exam Centre and proceeding to checkout to pay by credit card through the secure credit card facility.

Access to the learning material will be automatic after the payment has been made.

Purchase the exam by cash, cheque or electronic transfer

SAIFM staff cannot accept cash payments. Any cash payment should therefore be deposited into the SAIFM bank account by the candidate.

The following procedure applies when paying by cash, cheque or electronic transfer (EFT):

• Proof of the payment (stamped bank deposit slip or EFT confirmation) must be sent to SAIFM via email to either Hayley Pfeifer or Susan Jansen van Rensburg.
• The candidate’s name, ID number and title(s) of the exam(s) to be purchased must be clearly noted on the email.
• Confirmation that SAIFM has received proof of payment should be made telephonically (011 802 4768) once emailed.
• Loading an exam is not automatic as is the case with credit card transactions and can take up to 2 business days for SAIFM staff to process.

It is very important to note that if the above procedure is not followed correctly, the exam(s) may not be loaded. Candidates should NOT instruct the bank to automatically email the payment if paying via EFT. It is advisable to forward the proof of payment to SAIFM once you have received it from the bank with the required details, thus ensuring it has been correctly done.

Payments made by employers

Should an invoice be required before a payment can be made, an email request can be sent to Hayley Pfeifer or Susan Jansen van Rensburg. The following information must be supplied when requesting an invoice:

• Name of company
• Address of company
• VAT number of company
• Name(s) of candidate(s) (Note all candidates must have their information registered on the Virtual Exam Centre before an invoice will be issued)
• ID or Passport number of candidate
• Exams(s) required for the candidate(s)

Cheques referred to drawer

Cheques that are referred to drawer by the bank will be subject to such fee that the bank may charge.

Banking details

The SA Institute of Financial Markets
Bidvest Bank

Account No: 1557 0709 401
Branch Code: 462005

Account Type: Business Account

Confirmations

Exams loaded can be checked by logging onto Virtual Exam Centre using the identity or passport number that was used when enrolling. It is advisable to confirm registration in all cases where a credit card payment was not used.