Free HKSI mock tests
A free mock test for each of the 17 HKSI papers, in English and Traditional Chinese. Every answer explained. Save your results with a free account and read the first set of comprehensive study notes free. Premium adds 3,000 questions, 6 full mock exams, 800 flashcards and 60 key notes per exam.
Core papers
HKSI LE Paper 1: Fundamentals of Securities and Futures Regulation
The regulation paper almost every SFC licensed representative must pass.
HKSI LE Paper 7: Financial Markets
The markets paper taken with Paper 1 by most representatives.
Activity papers
HKSI LE Paper 8: Securities
The paper for Type 1 (dealing in securities), Type 4 (advising on securities) and Type 8 representatives.
HKSI LE Paper 9: Derivatives
The paper for Type 2 (dealing in futures contracts) and Type 5 (advising on futures contracts) representatives.
HKSI LE Paper 12: Asset Management
The paper for Type 9 (asset management) representatives.
HKSI LE Paper 11: Corporate Finance
The paper for Type 6 (advising on corporate finance) representatives and Responsible Officers, taken together with Papers 1 and 7. It covers the corporate finance industry, accounting and financial statement analysis, corporate finance principles, equity and debt financing, business valuation, and mergers and acquisitions.
HKSI LE Paper 10: Credit Rating Services
This is the paper for representatives and Responsible Officers carrying on Type 10 regulated activity (providing credit rating services), taken together with Papers 1 and 7. It covers credit and credit risk fundamentals, how credit rating agencies work and are regulated, the rating process, and ratings for corporates, banks, public sector enterprises, structured finance and sovereigns.
HKSI LE Paper 19: Depositary Services for Collective Investment Schemes
This paper is for representatives and Responsible Officers seeking Type 13 registration (depositary services for SFC-authorised collective investment schemes), normally taken together with Papers 1 and 7. It covers the Hong Kong asset management industry, the major asset classes and fund types, and the depositary's custody, oversight and risk management functions.
Responsible Officer papers
HKSI LE Paper 2: Regulation of Securities
The paper for Responsible Officers of Type 1 (dealing in securities), Type 4 (advising on securities) and Type 8 (securities margin financing) licensed corporations, taken with Papers 1, 7 and 8. It covers the SFO regulatory framework, the subsidiary legislation, the Code of Conduct and supervision, dealing on the Stock Exchange of Hong Kong, other securities activities, options and OTC derivatives, and market misconduct.
HKSI LE Paper 3: Regulation of Derivatives
The regulation paper for Responsible Officers of Type 2 (dealing in futures contracts) and Type 5 (advising on futures contracts), taken with Papers 1, 7 and 9. It covers the derivatives regulatory framework, licensing, client money and securities, conduct of business, record keeping, HKFE trading and settlement, and OTC derivative reporting and clearing.
HKSI LE Paper 5: Regulation of Corporate Finance
The regulation paper for Responsible Officers of Type 6, advising on corporate finance, taken with Papers 1, 7 and 11. It covers Hong Kong's corporate finance regulatory framework and conduct rules, listing on the SEHK, the Codes on Takeovers and Mergers and Share Buy-backs, and rights issues, convertible securities and share schemes.
HKSI LE Paper 6: Regulation of Asset Management
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.
HKSI LE Paper 4: Regulation of Credit Rating Services
The regulation paper for Responsible Officers of Type 10, providing credit rating services, taken with Papers 1, 7 and 10. It covers the SFO licensing framework for credit rating agencies, ongoing compliance obligations, the SFC Code of Conduct for Persons Providing Credit Rating Services, and market misconduct.
HKSI LE Paper 18: Regulation of Providing Depositary Services
This paper is for individuals seeking approval as Responsible Officers of licensed corporations carrying on Type 13 regulated activity, providing depositary services for relevant collective investment schemes, alongside Papers 1, 7 and 19. It covers the general regulatory framework, the conduct and product rules specific to RA13 depositaries, and market misconduct.
Sponsor and takeovers papers
HKSI LE Paper 15: Sponsors (Principals)
LE Paper 15 is the Principals' paper for licensed individuals who supervise sponsor work (IPO sponsorship) under regulated activity Type 6. It covers the same syllabus as Paper 16 but leans towards the Principal's perspective: overseeing the transaction team, sponsor responsibilities and judgment calls across the sponsor regime, the Listing Rules, the IPO process and due diligence.
HKSI LE Paper 16: Sponsors (Representatives)
The paper for representatives and relevant individuals who carry out sponsor work, that is Type 6 advising on corporate finance, on Hong Kong IPOs.
HKSI LE Paper 17: Regulation of Takeovers and Share Buy-backs
This paper is for Type 6 licensed persons who engage in or advise on matters under the SFC's Codes on Takeovers and Mergers and Share Buy-backs.
Not sure which papers you need?
Use the finder on the home page. Almost everyone needs Papers 1 and 7, plus one activity paper; Responsible Officers add a regulation paper.