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Stockbroker Examinations - Course Information

Stockbroker Exams - Course Information

SAIS is in the process of revising the content of the Stockbroker preparatory courses and we are moving towards offering them on an on-line training platform. During this semester a hybrid model will be used and study material will be made available in written format as in the past. As soon as modules become available online, enrolled students will be given access to the online platform. Some of the courses will still be offered through lectures. Lectures will be held in Johannesburg only, but students in other parts of the country can join in through Skype.


The course in Taxation aims to provide candidates with a broad understanding of taxation in so far as it is relevant to Stockbrokers. The course has a strong focus on investments, and is not designed to prepare candidates to become tax practitioners or to give tax advice. The course consists of the following study units:

Study unit Topic
Study unit 1 Basic Principles of S.A. Taxation
Study unit 2 Capital vs Revenue
Study unit 3 Taxation of Individuals
Study unit 4 Taxation of Trusts
Study unit 5 Company Taxation
Study unit 6 Collective Investment Schemes & Real Estate Investment Trusts
Study unit 7 Taxation of Investment Income
Study unit 8 Taxation of Investment Income (continued)
Study unit 9 Capital Gains Tax
Study unit 10 Capital Gains Tax (continued)
Study unit 11 Taxation of Gains and Losses on Realisation of Investments
Study unit 12 VAT, STT & Other Taxes

The course is offered through distance education with the option of workshops in Johannesburg. Students in other parts of the country will be able to join in through Skype. There will be 3 workshops and 1 Q&A session this semester:

  • 1st workshop: Thursday 19th September 2019 at 18:00 - 20:00
  • 2nd workshop: Thursday 10th October at 18:00 - 20:00
  • 3rd workshop: Thursday 24th October at 18:00 - 20:00
  • Q&A session only: Thursday 21st November at 18:00 - 20:00

  • This course focuses on the analysis and interpretation of financial statements and reports. This knowledge will enable candidates to evaluate the financial and market positions of companies, the value of the securities issued and the risks associated with such securities. Ultimately this information will be used in investment decisions. The course consists of the following study units:

    Study unit Topic
    Study unit 1 Introduction to Financial Statements, Financial Reporting and Financial Analysis
    Study unit 2 Ratio Analysis
    Study unit 3 Investment Criteria & Valuations
    Study unit 4 Dividends and Taxation
    Study unit 5 Capital Structure and Money, Capital and Derivatives Markets
    Study unit 6 Integrated Application of the Finance Course

    The course is offered through distance education with the option of workshops in Johannesburg. Students in other parts of the country will be able to join in through Skype. There will be 3 workshops this semester:

  • Workshop 1 - Wednesday 28 August 2019
  • Workshop 2 - Wednesday 25 September 2019
  • Workshop 3 - Wednesday 30 October 2019

  • This course aims to develop proficiency in the following areas: financial needs analysis, analysis of investments, investment advice, legal and regulatory compliance and portfolio management. The course consists of the following study units:

    Study unit Topic
    Study unit 1 Introduction to the Financial Markets Environment
    Study unit 2 Economics
    Study unit 3 Financial Markets
    Study unit 4 Financial Needs Analysis
    Study unit 5 Portfolio Management Theory
    Study unit 6 Securities
    Study unit 7 Analysis, Evaluation and Pricing of Securities
    Study unit 8 Taxation and Trading Costs
    Study unit 9 Corporate Actions

    The course is offered through distance education with the option of workshops in Johannesburg. Students in other parts of the country will be able to join in through Skype. There will be 3 workshops this semester:

  • Workshop 1 - Wednesday 11 September 2019
  • Workshop 2 - Wednesday 9 October 2019
  • Workshop 3 - Wednesday 13 November 2019

  • Important Notice

    The Rules I and Rules II subjects currently being offered by SAIS will be merged into a single one-year course as from 2020 with a greater focus on legislation. In order to effectively merge the two subjects into a year course, without prejudicing current students, the following solution has been put in place:

  • 2nd Semester 2019: The Rules I and Rules II subjects will still be offered as 2 individual semester courses, but will consist of the new 2020 curriculum.
  • Students who complete and pass Rules I in the 2nd semester of 2019 will be granted credits for the modules completed and will not be required to redo those modules in 2020. You will only need to complete modules in the 2nd semester.
  • Students who complete and pass Rules II in the 2nd semester of 2019 will not need to complete any of the new combined course in 2020.
  • Students who have already passed Rules I, up to and including the 1st semester of 2019, must pass Rules II in the second semester of 2019 because credits from Rules I in the first semester of 2019, or prior, will not be granted for 2020 onwards. If Rules II is not passed in the second semester of 2019, the full one-year course will need to be completed in 2020.

    The Rules I course aims to develop an in-depth understanding of the Financial Markets Act, how it relates to an exchange, and the JSE Rules and Directives (and in future those of other exchanges in South Africa). The course consists of the following study units:

    1. Introduction to Rules I - Financial Markets Act (No 19 of 2012)
    2. Introduction to the Regulatory Landscape (FAIS, FICA, FATCA, POPI & FSR)
    3. Market Infrastructure
    4. General Provisions and Authorisations & Approvals (JSE, A2X & ZARX)
    5. Management and Control (JSE, A2X & ZARX)
    6. Conduct of Business (JSE, A2X & ZARX)
    7. Client Assets (includes Segregation of Funds & Securities & Restriction on Alienation of Securities (JSE, A2X & ZARX)
    8. Trading in BEE Securities and Krugerrands
    9. Supervision and Enforcement and Default & Protection of Client Assets
    10. Complaints (JSE, A2X & ZARX)
    11. Capital Adequacy - JSE PART 1 - Financial Records, Reporting, Audit, Insurance and Credit Risk Management
    12. Capital Adequacy - JSE PART 2 - Members Financial Resources Requirements
    13. Capital Adequacy - A2X and ZARX

    Workshop Information

    There will be two workshops for the Rules I course.

    Venue: SAIS, 1st Floor, 51 West Street, Houghton Estate

  • 12 October 2019 - 9:00 - 13:00
  • 19 October 2019- 09:00 - 13:00

  • Important Notice

    The Rules I and Rules II subjects currently being offered by SAIS will be merged into a single one-year course as from 2020 with a greater focus on legislation. In order to effectively merge the two subjects into a year course, without prejudicing current students, the following solution has been put in place:

  • 2nd Semester 2019: The Rules I and Rules II subjects will still be offered as 2 individual semester courses, but will consist of the new 2020 curriculum.
  • Students who complete and pass Rules I in the 2nd semester of 2019 will be granted credits for the modules completed and will not be required to redo those modules in 2020. You will only need to complete modules in the 2nd semester.
  • Students who complete and pass Rules II in the 2nd semester of 2019 will not need to complete any of the new combined course in 2020.
  • Students who have already passed Rules I, up to and including the 1st semester of 2019, must pass Rules II in the second semester of 2019 because credits from Rules I in the first semester of 2019, or prior, will not be granted for 2020 onwards. If Rules II is not passed in the second semester of 2019, the full one-year course will need to be completed in 2020.

    The Rules II Course follows on Rules I and deals in-depth with a variety of legislative and regulatory requirements that stockbroking firms have to comply with. Candidates are only allowed to enrol for this course once they have passed the Rules I exam. The course consists of the following study units:

    1. Introduction to the Regulatory Landscape (FAIS, FATCA, POPI & FSR)
    2. FICA
    3. Trading & Stock Accounts and STT
    4. Trading & Stock Accounts and STT
    5. Settlement Obligations and Settlement Procedures and Rolling of Settlement
    6. Failed Trades and Securities Lending and Borrowing
    7. Financial Resources Requirements & Settlement Assurance
    8. Financial Resources Requirements & Settlement Assurance - LER and Margining
    9. Securities Transfer Tax & STT Acts
    10. SLB
    11. Corporate Actions
    12. Market Abuse
    13. Listings Requirements
    14. Exchange Control and Dividends Tax

    The course is offered through a series of lectures presented in Johannesburg. Students in other parts of the country may dial into the lectures through Skype. Lectures are not compulsory, however they do assist greatly with understanding the regulatory requirements and attendance is recommended. The study material will be made available to enrolled students.

    Lecture Information

    All lectures begin at 18h00 and end at 20h00.

    Venue: 51 West Street, Houghton Estate, SAIS Offices

    Lectures Date Topic
    Lecture 1 Monday 15th July 2019 Introduction to the Regulatory Landscape
    Lecture 2 Monday 22nd July 2019 FICA, Protection to Clients, Supervision & Enforcement, and Default
    Lecture 3 Monday 29th July 2019 Trading & Stock Accounts and STT
    Lecture 4 & 5 Monday 5th August 2019 Trading & Stock Accounts and STT
    Lecture 6 Wednesday 14th August 2019 Settlement Obligations and Settlement Procedures and Rolling of Settlement
    Lecture 7 Monday 19th August 2019 Failed Trades and Securities Lending and Borrowing
    Lecture 8 Monday 26th August 2019 Financial Resources Requirements & Settlement Assurance
    Lecture 9 Monday 2nd September 2019 Financial Resources Requirements & Settlement Assurance - LER and Margining
    Lecture 10 Monday 9th September 2019 Securities Transfer Tax & STT Acts
    Lecture 11 Monday 16th September 2019 SLB
    Lecture 12 Monday 30th September 2019 Corporate Actions
    Lecture 13 Monday 7th October 2019 Market Abuse
    Lecture 14 Monday 14th October 2019 Listings Requirements
    Lecture 15 Monday 21st October 2019 Exchange Control and Dividends Tax
    Lecture 16 Monday 28th October 2019 REVISION LECTURE