ASX Accredited Derivatives Adviser Renewal Exam
Every two years, Market Participants are required to renew the accreditation of their Accredited Derivatives Advisers (ADA). This can be done by successful completion of Kaplan's ASX ADA Renewal Exam.
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Who Should Enrol
The renewal process applies to ADAs who have obtained their accreditation by either:
- passing the ADA examinations conducted by ASX or
- obtaining a perpetual exemption from sitting the ADA examinations.
Exam Information
Exam content
All test questions for the ADA Renewal exams will be sourced from the notes related to that ASX ADA Renewal Period. ADAs are strongly advised to read the renewal notes thoroughly before attempting the renewal test.
The test is the same for ADA1 and ADA2 Advisers.
Download the 2006 ASX ADA Renewal Period notes
Download the 2008 ASX ADA Renewal Period notes
Exam format
The renewal exam will be an online multiple choice test comprising 10 questions. A minimum of nine correct answers is required to be successful. Each adviser will have 30 minutes to complete the renewal exam.
Exam guidelines
The Renewal Exam is to be completed:
- in your office, at any time
- closed-book, under supervision
- within 3 attempts (beyond which, any further attempt will incur an additional fee of $100 and permission to sit three further exam attempts is required from a compliance manager)
Online, multiple choice, closed book and supervised renewal test
After an adviser is nominated and the registration fee is paid to Kaplan, accreditation renewal update notes will be available from the Kaplan website. Nominated advisers will be required to undertake a multiple choice, online exam conducted by Kaplan. Separate log-in details will be sent to each nominated adviser via e-mail.
The test will be closed book and must be supervised by supervisors arranged by Market Participants. The supervisor must be independent of the adviser sitting the renewal test and an online declaration must be completed by the supervisor.
Tests can be conducted anywhere that internet access is available provided the test is properly supervised.
Please note that the renewal test and course notes are not equivalent to the ASX accreditation exam and course notes. The renewal notes and test are considerably shorter.
Renewal Period
In 2008 Market Participants will be required to renew their Accredited Derivatives Advisers during the period November 3 – 28.
To have their accreditation renewed and remain accredited to their Market Participant, all advisers must successfully complete the Renewal Exam by the 28 November.
All advisers who have not successfully completed the exam by 28 November will have their accreditation withdrawn.
Renewal of adviser accreditation occurs every two years. The renewal date and requirements are prescribed by ASX.
Continuing Professional Development for SDIA Members
The SDIA Professional & Development Advisory Group has agreed that successful completion of the CPE component of the ASX ADA Renewal program constitutes two hours of compliance related Structured Continuing Professional Development for SDIA Members.
Renewal Update Content
Renewal update content and the multiple choice test will cover matters that have come up over the last 2 years as well as other matters ASX has included as refresher material.
Exam Fees
The ADA Renewal Exam fee is $100. This fee entitles the adviser to three attempts at the exam. If the exam is not successfully completed by the third attempt, a further resit (if permission is granted by your compliance manager) will incur an additional $100.
Prices valid until 31 December 2008.