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Responsible Officer papers · Last updated October 2026

HKSI LE Paper 6: Regulation of Asset Management: free practice test

The regulation paper for Type 9 (asset management) Responsible Officers, taken alongside Papers 1, 7 and 12. It covers the general regulatory framework, back-office compliance obligations, the SFC's asset management codes and market misconduct.

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About the Paper 6 exam

The regulation paper for Type 9 (asset management) Responsible Officers, taken alongside Papers 1, 7 and 12. It covers the general regulatory framework, back-office compliance obligations, the SFC's asset management codes and market misconduct.

What's on the exam

Paper 6
General Regulatory Framework
6 key facts
Back-office Compliance
6 key facts
Asset Management Regulations
6 key facts
Misconduct
6 key facts

Each branch is a topic in the official outline. Members see every key fact on the full mind map. Read the free study guide →

How to pass the Paper 6 exam

  • 40 questions in 60 minutes: 90 seconds each.
  • Pass mark is 70%: 28 correct out of 40, so you can only miss 12.
  • Know which regulator does what: SFC, HKMA, MPFA and IA overlap constantly in this paper.
  • Learn the key numbers: 90% REIT distributions, 50% REIT borrowing cap, 10% single-issuer limit in the UT Code, 7-year records, HK$500,000 ICF cap.

Save your results and get your Readiness Score

Create a free account after the test: your score by topic, a mistakes bank, the complete study notes for the first topic, flashcards and the HKSI Key Numbers Sheet.

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What's in the premium Paper 6 prep

Premium Paper 6 prep is studied one topic at a time. Each step starts with that topic's key notes and flashcard deck, then its own question sets of 25, so you master one topic before you move to the next. When every topic is strong, the 6 full mock exams show you're ready.

3,000practice questions, every answer explained
6full-length mock exams, 50 questions each, timed
800flashcards with spaced repetition, sorted by topic
60comprehensive key notes across 4 topics

Your step-by-step study path

  1. 1
    General Regulatory Framework15 key notes, 200 flashcards, then 750 practice questions in 30 sets of 25
    Notes free with an account
  2. 2
    Back-office Compliance15 key notes, 200 flashcards, then 750 practice questions in 30 sets of 25
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  3. 3
    Asset Management Regulations15 key notes, 200 flashcards, then 750 practice questions in 30 sets of 25
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  4. 4
    Misconduct15 key notes, 200 flashcards, then 750 practice questions in 30 sets of 25
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  5. Final step: 6 full mock exams50 questions each, timed like test day. Pass them, then book your exam.
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Read the complete Paper 6 study notes for “General Regulatory Framework”

Our first full set of comprehensive notes, about 10 minutes of reading: The framework of laws and regulations · Regulated activities and licensing · The regulators and how they work together · Code of Conduct and the ICG · Personal data and AML/CFT · Discipline, governance and supervision, a worked exam example, the traps examiners use and a one-minute recap. Create a free account to read it and see how premium notes work before you decide.

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Study tools included

3,000 practice questions

3,000 exam-style questions per exam, organized topic by topic in sets of 25. Every answer explained, with the rule it comes from.

6 full mock exams

6 full-length timed mock exams per exam, with real question counts and time limits, so test day feels like practice day.

Exam Readiness Score

One 0 to 100 number that tells you when you're ready to book. Reach 80 and you're covered by our Pass Guarantee.

800 flashcards + spaced repetition

800 flashcards per exam, in a deck for each topic, that come back right before you'd forget them. Five minutes a day keeps every number fresh.

60 comprehensive key notes

60 key notes per exam, split across its topics and each explained in full: the concepts, worked exam examples, the traps examiners use and a quick recap. Your first set is free with an account.

Mind maps

See the whole exam on one screen: every topic and the facts under it.

Sample questions with answers

These are the questions in the free test above, with answers. Try the test first. You'll learn more by getting some wrong.

1. Under Schedule 5 to the Securities and Futures Ordinance, the regulated activity of asset management (Type 9) is:
Answer: Managing a portfolio of securities or futures contracts for another person for reward. Type 9 covers managing portfolios of securities and/or futures contracts for others for gain. Dealing is Type 1, advising is Types 4 and 5, and automated trading services are Type 7.
2. An MPF intermediary that is an authorized insurance company selling MPF funds is front-line supervised by:
Answer: The Insurance Authority. Front-line supervision of MPF intermediaries is split: the SFC supervises securities intermediaries, the HKMA supervises banks and the IA supervises insurers. The MPFA supervises MPF schemes and trustees.
3. A licensed asset manager recommends a complex, high-risk structured product to a retired client who said she needs stable income and cannot afford capital losses. Which Code of Conduct requirement has the manager breached?
Answer: Suitability of recommendations to the client's circumstances. Under the Code of Conduct, a recommendation must be suitable and reasonable in all the circumstances, having regard to the client's financial situation, investment experience and objectives.
4. Under the Management, Supervision and Internal Control Guidelines (ICG), primary responsibility for ensuring a licensed corporation complies with regulatory requirements rests with:
Answer: Senior management. The ICG state that senior management bears primary responsibility for establishing and maintaining a sound system of internal control and compliance. The compliance officer supports senior management but does not take over this responsibility.
5. A licensed asset manager holds cash for a discretionary client. Under the Client Money Rules, this cash must be:
Answer: Paid into a segregated trust account with a bank in Hong Kong. The Client Money Rules require client money to be paid into designated trust accounts with authorized institutions in Hong Kong, kept separate from the licensed corporation's own money.
6. A fund manager's discretionary portfolio holds shares in a Hong Kong listed company. On Monday the manager buys more shares, taking the fund's holding from 4% to 6% of the company. Under Part XV of the SFO, disclosure must be made:
Answer: Within 3 business days of the purchase. Part XV of the SFO sets the substantial shareholder threshold at 5%. When a holding crosses the threshold, the interests must be notified to the Stock Exchange and the listed company within 3 business days.
7. If a licensed corporation defaults and a client suffers loss because client money is missing, the Investor Compensation Fund pays a maximum of:
Answer: HK$500,000 per investor. The Investor Compensation Fund compensates individual investors up to HK$500,000 each for losses arising from the default of a licensed intermediary in relation to securities or futures contracts.
8. Under the Securities and Futures (OTC Derivative Transactions - Reporting and Record Keeping Obligations) Rules, specified OTC derivative transactions must be reported to:
Answer: The Hong Kong Trade Repository operated by the HKMA. Specified OTC derivative transactions must be reported to the Hong Kong Trade Repository operated by the HKMA, which maintains records of the reported transactions.
9. Under the Code on Unit Trusts and Mutual Funds, an SFC-authorised fund's holding of securities issued by a single entity generally may not exceed:
Answer: 10% of its net asset value. Chapter 7 of the UT Code limits a scheme's exposure to securities issued by any single entity to 10% of its total net asset value, with specific exceptions such as index-tracking funds.
10. A Hong Kong real estate investment trust must distribute to unitholders at least:
Answer: 90% of its net income. The Code on REITs requires a REIT to distribute at least 90% of its net income each year. REITs must also be authorised by the SFC, listed on the SEHK and keep borrowing within 50% of gross asset value.
11. A fund manager wants to buy securities for Fund A by selling them out of Fund B, both managed by the same firm. Under the Fund Manager Code of Conduct, this cross trade:
Answer: Is allowed only if it is in the best interests of both clients, done at current market value on arm's length terms, with the reasons documented. The Fund Manager Code of Conduct allows cross trades between client accounts only where the trade is in the best interests of both clients and within their investment objectives, executed on arm's length terms at current market value, with the reasons documented.
12. Which statement about a Hong Kong open-ended fund company (OFC) is correct?
Answer: It is a company with variable share capital that must have an SFC-licensed fund manager and a custodian. OFCs are governed by Part IVA of the SFO and the OFC Rules. Shareholders enjoy limited liability, the fund must be managed by a Type 9 licensed manager, and a custodian must be appointed.
13. A fund manager is told by a friend, who is the company secretary of a listed issuer, that the issuer will announce a profit warning tomorrow. The manager sells the fund's entire holding in the issuer before the announcement. This is:
Answer: Insider dealing. Dealing while in possession of inside information (specific information, not generally known, that would be likely to materially affect the share price) received from a connected person is insider dealing under Parts XIII and XIV of the SFO. Acting for clients is no defence.
14. The maximum term of imprisonment for insider dealing as a criminal offence under Part XIV of the SFO is:
Answer: 10 years. Criminal market misconduct under Part XIV carries up to 10 years' imprisonment and a fine of up to HK$10 million. Civil proceedings before the Market Misconduct Tribunal cannot lead to imprisonment.
15. An overseas fund manager places advertisements inviting the general public in Hong Kong to invest in its fund, which the SFC has not authorised. Under section 103 of the SFO, this is:
Answer: An offence unless the SFC authorises the advertisement or an exemption applies, such as offers only to professional investors. Section 103 of the SFO makes it an offence to issue an advertisement or invitation to the Hong Kong public to invest in a collective investment scheme unless the SFC has authorised it or an exemption applies, for example offers made only to professional investors.

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Paper 6 exam FAQ

How many questions are on the Paper 6 exam?

40 multiple-choice questions, with a time limit of 60 minutes. Format: closed book, computer-based.

What is the passing score for Paper 6?

70%.

How much does the Paper 6 exam cost?

HK$2,000 in Hong Kong (HK$2,450 at overseas Prometric centres). Fees change, so confirm with the HKSI Institute before you enrol.

Which languages is the Paper 6 exam offered in?

English or Traditional Chinese.

Where do I take the Paper 6 exam?

HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong.

Is this Paper 6 practice test free?

Yes. The 15-question practice test on this page is free, with an explanation for every answer and no signup. A free account also unlocks the complete study notes for the first topic. The full Paper 6 prep is Premium at HK$1,147 a month for this exam.

What's in the premium Paper 6 prep?

3,000 practice questions organized topic by topic (General Regulatory Framework: 750; Back-office Compliance: 750; Asset Management Regulations: 750; Misconduct: 750), 6 full-length timed mock exams of 50 questions, 800 flashcards and 60 comprehensive key notes split across all 4 topics, plus a mistakes bank and the Readiness Score.

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Exam details are summarized from the official candidate information available in October 2026. HKSI Institute changes formats and fees, so confirm with Hong Kong Securities and Investment Institute (HKSI Institute) before you book. HKSIMock is not affiliated with the HKSI Institute or the SFC.

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