PKMC Module 1: the regulatory framework module explained

What is PKMC Module 1?

Module I is the first of the four Pasaran Kewangan Malaysia Certificate (PKMC) modules. AICB's specification describes its aim as explaining why the orderly functioning of the wholesale financial markets matters for market integrity and financial stability, and how laws, regulations and codes of conduct keep the market robust, fair, liquid and transparent.

It is a Level 2, self-study module offered on demand: you can apply and enrol at any time and sit the exam at any time within your time limit. Study materials are provided online.

Who must take PKMC Module 1?

Bank Negara Malaysia's Code of Conduct for Malaysia Wholesale Financial Markets requires dealers and brokers to be licensed members of ACI-Financial Markets Association of Malaysia (FMAM) before they deal or broke in the wholesale financial markets. Financial institutions must make sure this and FMAM's other professional requirements are met before appointing anyone as a dealer or broker. The Code defines dealers as employees dealing in the wholesale financial markets, which may include traders and sales staff in the treasury division.

According to AICB, FMAM members must pass all four PKMC modules before they are licensed to take part in the interbank foreign exchange and money market. The certificate is designed for FMAM's Provisional, Provisional Broker and Affiliate members.

What does PKMC Module 1 cover from December 2026?

The revised specification (version 2.0) groups the syllabus into five learning topics. The figure after each topic is its share of the exam:

• The Malaysian Financial System (10%): the structure of the system, the regulators and financial intermediaries, the Financial Sector Blueprint 2022-2026 and the Capital Market Masterplan 3.
• The Structure of the Wholesale Financial Market (20%): dealers and brokers, the principal dealer system, KLIBOR, MYOR and USD/MYR reference rate setting, RENTAS and FAST, and secondary market trading practices.
• The Code of Conduct for Malaysia Wholesale Financial Markets (18%): eligibility of dealers and brokers, FMAM's role, prohibited conduct, internal governance and controls, and the FX Global Code's 6 leading principles and 55 supporting principles.
• The Acts and Guidelines (30%): banking secrecy and permitted disclosure under the FSA, IFSA and CMSA, anti-money laundering and counter-terrorism financing, product development and sales, categories of sophisticated investors, deposit insurance, and retail bonds and sukuk.
• BNM Monetary Policy Framework and Foreign Exchange Policy (22%): the OPR framework, BNM's liquidity management, and the foreign exchange policy for residents and non-residents.

What changes in the revised Module 1 syllabus?

The current specification (version 1.2, effective 30 May 2025) splits the same ground into 17 smaller topics, each worth 3% to 7% of the exam, apart from the structure of the wholesale market (16%) and BNM's monetary policy and foreign exchange policy (21%).

Comparing the two documents, the main shifts are:

• The eight separate Acts and guidelines topics (the Acts, investor protection, AML/CFT, deposit insurance, new products, sales practices, Lodge and Launch, and retail bonds and sukuk) together carry 30% in the current version, which matches the single 30% Acts and Guidelines topic in the revised one.
• The six code-of-conduct and best-practice topics, which cover front, middle and back office practice and the use of technology, total 28% in the current version. The revised Code of Conduct topic carries 18%.
• The financial system rises from 5% to 10%, the wholesale market from 16% to 20%, and BNM policy from 21% to 22%.
• Where the current version refers generally to the various Financial Sector Blueprints and Capital Market Masterplans, the revised version names the Financial Sector Blueprint 2022-2026 and the Capital Market Masterplan 3.
• The question count stays at 100, described in the revised version as 100 independent multiple-choice questions.

PKMC Module 1 exam format

• Duration: 2.5 hours, 100 multiple-choice questions, taken on Pearson VUE.
• Pass mark: 75%. Below that, AICB reports a fail band: 65-74, 50-64, 30-49 or 29 and below.
• The exam is closed book. You must use the online calculator and scratchpad built into the exam; physical calculators and blank paper are not allowed.
• You can sit it as an online-proctored exam in a private, closed room or at a test centre. Exams run in monthly windows and results are released within 7 days.

How to plan your Module 1 study

AICB recommends a three-month study period before you sit the exam. Registered candidates get the module specification, the study text and mock exam questions through AICB's online learning platform (Moodle).

• Check your exam date first. Exams from 1 December 2026 follow the revised specification, so use the matching study text.
• Allocate time by weighting. The Acts and Guidelines (30%) and BNM policy (22%) make up more than half of the revised exam.
• Read the primary documents alongside the study text, especially BNM's Code of Conduct for Malaysia Wholesale Financial Markets, which is itself a syllabus topic.
• The revised specification lists no calculation tasks for Module I, so most of the work is understanding and recalling rules. Short, regular revision sessions and practice questions tend to work better than last-minute cramming.

Module 1 fees, resits and time limits

AICB's published fee is RM1,000 for the module and RM850 for an exam resit, plus SST. Fees are non-refundable and non-transferable.

There is no limit on resits within your time limit, and AICB suggests allowing a month to revise before a resit. You must pass all four PKMC modules within two years of becoming an FMAM member; otherwise FMAM terminates the membership and your module passes are nullified.

Preparing for PKMC with Ogos Learning

Ogos Learning is a Malaysian finance training provider for banks, fund management companies and capital market intermediaries, covering SIDC CPE courses, PKMC exam preparation and HRD Corp claimable programmes.