SIDC Module 6 Licensing question: reapplies for a dealing in securities CMSRL

SIDC Module 6Licensing

Kok Wai was a licensed dealer's representative until he left the industry on 1 June 2024 to run a cafe. On 15 March 2027 he reapplies for a dealing in securities CMSRL. Must he resit the SCLE?

A Yes, as the three-year window runs from the date he passed the modules, not from his departure
B Yes, as his SCLE results lapsed two years after the dates on which he originally passed the two modules
C No, as he is applying for the same regulated activity within three years of leaving the industry
D No, as SCLE passes of a person who has once held a CMSRL remain valid for life in every case

Show the answer and explanation

Answer: C. No, as he is applying for the same regulated activity within three years of leaving the industry

Paragraph 4.05(7) lists three cases in which the general two-year validity rule does not apply. Under para 4.05(7)(c), a person who was previously licensed and has left the industry may reapply for a CMSRL for the same regulated activity without resitting the SCLE, provided the application is made within three years from the date he left. Kok Wai left on 1 June 2024, so his window runs to 1 June 2027; his 15 March 2027 application is inside it. The exemption is not lifelong, and the three years run from leaving the industry, not from passing the modules. Source: Licensing Handbook (R19-2026) para 4.05(6)-(7) (as at October 2026).

Common mistake

Candidates apply the two-year rule to former licence holders, or start the three-year clock from the exam date.

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Study note: Licensing under the CMSA and the Licensing Handbook SIDC Module 6 practice questions & mock exams

Related SIDC Module 6 questions

Encik Zul holds no licence. He runs a paid Telegram channel that gives buy and sell calls on Bursa stocks to 2,000 subscribers. Under the CMSA and the SC's Guidance Note, he Under the Guidance Note on Provision of Investment Advice, which of these unlicensed persons are likely to need a licence?Nurul passed Module 6 on 10 March 2024 and Module 7 on 5 May 2025 while still a student, and has never worked in the industry. She applies for a dealing in securities CMSRL on 1 April 2026. Which is correct?

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Original study material mapped to the public SIDC Module 6 syllabus. Unofficial, not endorsed by SIDC or the SC. Verify figures and rules against current guidance before relying on them.