2‑55 Principle 5: processes and procedur2‑55 Principle 5: processes and procedures for the taking of exams

2‑55 Principle 5: processes and procedures for the taking of exams

(1) This section specifies principles relating to processes and procedures relating to the taking of exams. Who may sit an exam? (2) A person may only take an exam if: (b) the person has applied to ASIC to take the exam (in the manner and form approved by ASIC), and has been subsequently enrolled by ASIC to take the exam at a particular date and time; and (c) the person has paid ASIC the prescribed fee to take the exam; and (d) the person has not been excluded from taking the exam under subsection (9).

Note: The amount of the fee is prescribed in the Corporations (Fees) Regulations 2001.

Methods for taking an exam (3) An exam must be taken by one the following methods, as determined by ASIC for a person: (a) by attending a location at which an exam is to be held (an exam location); (b) by way of the internet or other technology that allows the person to take the exam without being physically present at an exam location; (c) by way of alternate arrangements in accordance with subsection (13). (4) A person is not to be admitted to an exam location for an exam unless the person: (a) meets the requirements of subsection (2), and has been advised by ASIC that the person is registered to attend the location to take the exam; or (b) is staff member or agent of ASIC; or (c) is present because of alternate arrangements made by ASIC under subsection (13). (5) ASIC may impose identification requirements for persons to be admitted to an exam location.

Note: For example, requirements for photo ID may be imposed.

(6) A person may only take an exam using the equipment and materials permitted by ASIC to be used, and ASIC may impose reasonable and appropriate restrictions on the person to ensure only permitted equipment and materials are used. Conduct of the exam (7) A person taking an exam must not engage in any type of conduct that could be reasonably described as plagiarism, cheating, collusion, deception, impersonation, or another form of similar misconduct. An exam is to be properly supervised to prevent a person from engaging in such misconduct. (8) A person taking an exam must comply with an instruction or direction included in the exam document, or that is given by a staff member or agent of ASIC in connection with the exam.

Note: An example of an instruction or direction included in the exam document is an instruction not to start to record answers to exam questions until after the reading time for the exam has ended.

Consequences of misconduct (9) If a person breaches subsection (6), (7) or (8), ASIC may do one or both of the following: (a) exclude the person from taking or continuing to take an exam; (b) fail the person. Marking and results (10) A person who has taken an exam is to be notified only that they have either passed or failed the exam, which is to be marked to an overall credit grade (a range of between 65% and 74%, with the final passing mark for a particular exam, being determined by ASIC, as informed by persons with appropriate expertise). Deferral of exams for exceptional circumstances (12) ASIC must make arrangements to give effect to all of the following: (a) that a person be able to apply to ASIC (in the manner and form approved by ASIC) to defer taking an exam at the particular date and time registered by ASIC, if due to exceptional circumstances beyond the person’s control, the person is unable to take the exam at that particular date and time; (b) establish and maintain reasonable systems and processes for making and dealing with those applications; and (c) that, if an application is granted, the person be registered to take the exam at another date and time without having to pay another fee.