New Methodology in the Conduct of the SEC Certification Program Examinations (short title)

September 15, 2017 SEC NOTICE The Securities and Exchange Commission wishes to inform all capital market participants and prospective capital market professionals of the new methodology in the conduct of the SEC Certification Program Examinations. This new methodology has the following main features: 1. Consolidated Examination. In lieu of the modularized system, wherein we require a passing rate of 75% per module, the Commission has decided to consolidate modules 1-6 and have a single examination for Phase 1. However, the core topics shall be maintained, as follows: Phase 1 Module 1 Fundamentals of Securities Module 2 Economic Principles and Market Theories Module 3 Fundamentals of Securities Regulation Module 4 Corporate Governance Module 5 Risk Management Module 6 Anti-Money Laundering Phase 2 Module 7A Mutual Funds Module 7B Equities Module 7C Fixed Income Module 7D Compliance Officer/Associated Person Module 7E Proprietary/Non-Proprietary Securities, Timeshares 2. Number of Questions. From 150 questions in the modularized system, the Commission has lowered the number to an aggregate of 120 questions. The passing rate of 75% will be based on the aggregate score. 3. Two Phases of the Examination. Phase 1 shall remain to be a prerequisite examination prior to taking Phase 2. This new methodology will be implemented as an interim intervention effective 29 September 2017 until revoked and/or amended by the Commission. For information and guidance. (SGD.) LILIA O. PINZON Officer-in-Charge Economic Research and Training Department