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100+ Free SAIFM RPE Regulation & Ethics Practice Questions

Pass your SAIFM Registered Persons Examination — Regulation and Ethics of the South African Financial Markets exam on the first try — instant access, no signup required.

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Sample SAIFM RPE Regulation & Ethics Practice Questions

Try these sample questions to test your SAIFM RPE Regulation & Ethics exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under South Africa's Twin Peaks model introduced by the Financial Sector Regulation Act, which body is the dedicated market-conduct regulator?
A.Financial Sector Conduct Authority (FSCA)
B.Prudential Authority (PA)
C.South African Reserve Bank Monetary Policy Committee
D.National Credit Regulator only
Explanation: The FSR Act created a Twin Peaks structure: the FSCA supervises market conduct and consumer protection across financial institutions, while the Prudential Authority focuses on safety and soundness.
2Where is the Prudential Authority organisationally located under the Twin Peaks framework?
A.Within the South African Reserve Bank
B.Within National Treasury as a directorate
C.As a division of the Johannesburg Stock Exchange
D.Within the Financial Intelligence Centre
Explanation: The Prudential Authority is a juristic person established within the South African Reserve Bank and is responsible for prudential supervision of banks, insurers, and certain market infrastructures.
3Which primary statute established the Twin Peaks regulatory architecture for the South African financial sector?
A.Financial Sector Regulation Act 9 of 2017
B.Financial Markets Act 19 of 2012
C.FAIS Act 37 of 2002
D.Companies Act 71 of 2008
Explanation: The Financial Sector Regulation Act 9 of 2017 (FSR Act) created the FSCA and Prudential Authority and formalised Twin Peaks supervision.
4What is the constitutional primary objective of the South African Reserve Bank regarding the currency?
A.Protect the value of the currency in the interest of balanced and sustainable economic growth
B.Maximise government tax revenue each fiscal year
C.Guarantee equity market returns for retail investors
D.Set listing requirements for all licensed exchanges
Explanation: The SARB's primary constitutional objective is to protect the value of the currency in the interest of balanced and sustainable economic growth (price stability). The FSR Act also gave it an explicit financial-stability mandate.
5Which institution is South Africa's Financial Intelligence Unit responsible for AML/CFT intelligence and supervision under FICA?
A.Financial Intelligence Centre (FIC)
B.FSCA Market Abuse Unit only
C.JSE Settlement Authority
D.SAIFM
Explanation: The Financial Intelligence Centre, established under the Financial Intelligence Centre Act (FICA), is South Africa's FIU and oversees AML/CFT obligations of accountable institutions.
6Which government department typically leads the drafting and coordination of financial-sector legislation and fiscal policy in South Africa?
A.National Treasury
B.Department of Trade, Industry and Competition alone
C.Department of Home Affairs
D.Municipal finance offices
Explanation: National Treasury leads fiscal policy and plays the central coordinating role in financial-sector legislation and reform (including Twin Peaks-era statutes).
7In Twin Peaks terms, which statement best distinguishes the FSCA from the Prudential Authority?
A.FSCA focuses on how institutions treat customers and conduct business; PA focuses on safety, soundness and financial resilience
B.FSCA sets the repo rate; PA licenses all stock exchanges exclusively
C.FSCA audits municipal budgets; PA writes company law
D.FSCA replaces Strate as the CSD; PA replaces the JSE
Explanation: Conduct regulation (FSCA) addresses fair treatment, market integrity and business conduct. Prudential regulation (PA) addresses capital, liquidity, solvency and systemic soundness.
8Which earlier regulator did the FSCA largely succeed as South Africa's dedicated financial conduct authority?
A.Financial Services Board (FSB)
B.Competition Commission
C.South African Revenue Service
D.Public Investment Corporation
Explanation: Under Twin Peaks reform, the Financial Services Board's conduct-related functions were largely transitioned into the Financial Sector Conduct Authority.
9Which body may declare a financial institution systemically important and has a lead role in promoting financial stability in South Africa?
A.South African Reserve Bank (working with Twin Peaks regulators)
B.SAIFM examination board
C.Any licensed stockbroker unilaterally
D.A municipal credit rating agency
Explanation: The FSR Act strengthened the SARB's financial-stability mandate, including identifying and mitigating systemic risk in coordination with other regulators.
10Accountable institutions under FICA must generally implement which core AML control?
A.Customer due diligence, record-keeping and suspicious transaction reporting
B.Guaranteeing client investment returns above inflation
C.Publishing daily equity research for all clients
D.Setting the Johannesburg overnight call rate
Explanation: FICA requires accountable institutions to know their customers (CDD), keep prescribed records, and report suspicious and certain cash transactions to the FIC.

About the SAIFM RPE Regulation & Ethics Exam

Compulsory SAIFM Registered Persons Examination module (August 2023 syllabus) covering regulators under Twin Peaks, Financial Markets Act market regulation, South African exchanges, FAIS advisers/intermediaries, and ethics and governance (including King IV). The official exam is 50 MCQs in 1 hour with a 70% pass mark and no negative marking.

Questions

50 scored questions

Time Limit

1 hour

Passing Score

70%

Exam Fee

R3,090 (incl. VAT) per module as at 1 August 2025 (South African Institute of Financial Markets (SAIFM))

SAIFM RPE Regulation & Ethics Exam Content Outline

20%

Regulation and the Role of Various Regulators

Twin Peaks FSCA/PA, SARB, Treasury, FIC/FICA, and FSR Act cooperation

20%

The Regulation of Financial Markets

FMA infrastructures, Strate settlement, insider trading and market manipulation

20%

South African Exchanges

JSE and other licensed exchanges, rules, clearing/settlement, RPE pathways

20%

Financial Advisers and Other Intermediaries

FAIS FSPs, fit-and-proper, suitability, conflicts, TCF, COFI direction

20%

Ethics and Governance in the Financial Markets

King IV, ethical culture, conflicts, confidentiality, accountability

How to Pass the SAIFM RPE Regulation & Ethics Exam

What You Need to Know

  • Passing score: 70%
  • Exam length: 50 questions
  • Time limit: 1 hour
  • Exam fee: R3,090 (incl. VAT) per module as at 1 August 2025

Keys to Passing

  • Complete 500+ practice questions
  • Score 80%+ consistently before scheduling
  • Focus on highest-weighted sections
  • Use our AI tutor for tough concepts

SAIFM RPE Regulation & Ethics Study Tips from Top Performers

1Master Twin Peaks: FSCA = market conduct; Prudential Authority (in SARB) = safety and soundness under the FSR Act.
2Know FMA infrastructures — exchanges, CSDs (Strate), clearing — plus insider trading and market-manipulation concepts.
3Map JSE vs other licensed venues (A2X, CTSE/EESE) and how RPE module combinations link to functions.
4Drill FAIS fit-and-proper pillars: honesty/integrity, competence (incl. CPD), operational ability, financial soundness.
5For ethics, learn King IV apply-and-explain, conflict disclosure, confidentiality, and client-first professional duties.

Frequently Asked Questions

What is the pass mark for SAIFM RPE Regulation and Ethics?

The competency (pass) mark is 70%. The exam has 50 multiple-choice questions in 1 hour with no negative marking.

How much does the SAIFM RPE Regulation and Ethics module cost?

As at 1 August 2025 the fee is R3,090 (incl. VAT) per module, covering one exam sitting and access to download the learning material until you write or the 6-month window lapses. SAIFM prices typically increase each 1 August.

Is Regulation and Ethics a compulsory RPE module?

Yes. SAIFM lists Regulation and Ethics of the South African Financial Markets as a compulsory RPE module, alongside Introduction to the Financial Markets. Electives such as Equity, Bonds or Derivatives depend on the exchange/FSCA function you need.

What topics does the August 2023 syllabus cover?

The official outline covers five areas: regulation and the role of various regulators; regulation of financial markets; South African exchanges; financial advisers and other intermediaries; and ethics and governance in the financial markets.

How long do I have after purchase to write the exam?

You must write within 6 months of purchasing the exam. After that the right to write lapses and you must repurchase if you still wish to sit.