Licensing Examination for Securities and Futures Intermediaries

The Licensing Examination for Securities and Futures Intermediaries (LE), a practical and market-focused examination for individuals who wish to pursue their careers in the securities and investment industry in Hong Kong. The Securities and Futures Ordinance provides for the implementation of the single licensing regime with 10 types of regulated activity (RA). An individual will need one licence or registration to carry on different types of RA. The LEs have been approved by the Securities and Futures Commission (SFC) for meeting the competence requirements in relation to the applications for licences as Representatives and/or Responsible Officers.

有關資格考試的中文詳情,請看「Related Downloads」內的資格考試考試手冊。

Prerequisites

There are no prerequisites for enrolling in the LE.

LE and the SFC Licences for Regulated Activities

The LE Regulatory Papers (i.e. LE Papers 1 to 6) and Practical Papers (i.e. LE Papers 7 to 12) have been approved by the SFC as the Recognised Industry Qualifications and Local Regulatory Framework Papers in relation to the application for licences as Representatives and/or Responsible Officers for all regulated activities (RAs) except for Type 3 RA - Leveraged Foreign Exchange Trading under the "Guidelines on Competence". Please select the RA you want to engage in for understanding the requirements on the relevant Recognised Industry Qualifications and Local Regulatory Framework Papers.

 

LE Papers for RA Type 1, 4 and 8

RAs:

  • Type 1 - Dealing in securities
  • Type 4 - Advising on securities
  • Type 8 - Securities margin financing
  Recognised Industry Qualifications* Local Regulatory Framework Papers
Representatives LE Papers 7+8 LE Papers 1
Responsible Officers LE Papers 7+8 LE Paper 1**+2

* Recognised industry qualifications can be compensated by certain academic or professional qualifications recognised by the SFC.

** Not required for a licensed representative applying to be a responsible officer.

LE Papers for RA Type 2 and 5

RAs:

  • Type 2 - Dealing in futures contracts
  • Type 5 - Advising on futures contracts
  Recognised Industry Qualifications* Local Regulatory Framework Papers
Representatives LE Papers 7+9 LE Papers 1
Responsible Officers LE Papers 7+9 LE Paper 1**+3

* Recognised industry qualifications can be compensated by certain academic or professional qualifications recognised by the SFC.

** Not required for a licensed representative applying to be a responsible officer.

LE Papers for RA Type 6

RAs:

  • Type 6 - Advising on corporate finance
  Recognised Industry Qualifications* Local Regulatory Framework Papers
Representatives LE Papers 7+11 LE Papers 1
Responsible Officers LE Papers 7+11 LE Paper 1**+5

* Recognised industry qualifications can be compensated by certain academic or professional qualifications recognised by the SFC.

** Not required for a licensed representative applying to be a responsible officer.

LE Papers for RA Type 9

RAs:

  • Type 9 - Asset management
  Recognised Industry Qualifications* Local Regulatory Framework Papers
Representatives LE Papers 7+12 LE Papers 1
Responsible Officers LE Papers 7+12 LE Paper 1**+6

* Recognised industry qualifications can be compensated by certain academic or professional qualifications recognised by the SFC.

** Not required for a licensed representative applying to be a responsible officer.

LE Papers for RA Type 10

RAs:

  • Type 10 - Providing credit rating services
  Recognised Industry Qualifications* Local Regulatory Framework Papers
Representatives LE Papers 7+10 LE Papers 1
Responsible Officers LE Papers 7+10 LE Paper 1**+4

* Recognised industry qualifications can be compensated by certain academic or professional qualifications recognised by the SFC.

** Not required for a licensed representative applying to be a responsible officer.

 

Disclaimer

  1. The above is extracted from the SFC's Guidelines on Competence. Candidates are advised to refer to the latest information available on the SFC's website.
  2. Type 3 RA (Leveraged Foreign Exchange Trading) is not included in the above table since the HKSI Institute does not offer any examination papers on this RA.
  3. There is no competence requirement for Type 7 RA (Providing Automated Trading Services).
Examination Syllabus, Details and Fee

The LE consists of 14 papers. There are two modes of examination for LE Papers i.e., Computer-based Examination (CBE) and Paper-based Examination (PBE). The examination syllabus, structure and fee schedule are listed in below.

  • Language: both English and Chinese
  • Questions type: multiple choice questions (MCQ)
  • Pass Mark: 70% for each paper 
Syllabus No. of MCQs Duration Exam Fee

for examinations in Nov and Dec 2017

for examinations from Jan 2018

Paper 1

Fundamentals of Securities and Futures Regulation

基本證券及期貨規例

60 90 mins HK$1,155
Paper 2

Regulation of Securities

證券規例

40 60 mins HK$1,310 HK$1,360
Paper 3

Regulation of Derivatives

衍生工具規例

40 60 mins HK$1,310 HK$1,360
Paper 4

Regulation of Credit Rating Services

信貸評級服務規例

40 60 mins HK$1,310 HK$1,360
Paper 5

Regulation of Corporate Finance

機構融資規例

40 60 mins HK$1,310 HK$1,360
Paper 6

Regulation of Asset Management

資產管理規例

40 60 mins HK$1,310 HK$1,360

 

* The LE does not comprise Paper 13 and Paper 14.

 

LE papers are offered on a monthly basis except for Paper 4, Paper 10 and Paper 15. The LEs for Papers 4 and 10 are conducted on a quarterly basis, usually in March, June, September and December. The LEs for Paper 15 is conducted on a bimonthly basis, usually in January, March, May, July, September and November. However, the number of examination sessions may be increased to meet demand, if necessary. For the latest examination dates and enrolment deadlines, please refer to the examination timetable available at the HKSI Institute counter and/or on its website.

Withdrawal Policy

Candidates who wish to cancel their enrolments for (an) examination paper(s), examination mode(s) and/or examination sessions(s) may apply for withdrawal of examination. Only the examination fees less an administration fee for the LE held in Hong Kong are refundable.

To apply for a withdrawal, candidates should submit withdrawal applications through the HKSI Institute Online Portal, in person or by post to the HKSI Institute on or before the withdrawal application deadline (i.e., the date of receipt of the Withdrawal Application Form by the HKSI Institute).  For the latest withdrawal application deadlines, please refer to the examination timetable.

The HKSI Institute will charge a withdrawal administration fee of HK$400 per examination paper per examination mode per examination session.  For details of the Withdrawal Policy, please refer to the relevant Examination Handbook.

Study Support
Certificate and Membership

Certificate

Upon the successful completion of a preset combination of examinations within 3 years (the 3-year period will commence from the date of the first LE paper that the candidate passes), candidates will be awarded the HKSI Institute Certificate.  There are two levels of certification:

Certificate

Combination

HKSI Practising Certificate - Securities

LE Papers 1 + 7 + 8

HKSI Practising Certificate - Derivatives

LE Papers 1 + 7 + 9

HKSI Practising Certificate - Credit Rating Services

LE Papers 1 + 7 + 10

HKSI Practising Certificate - Corporate Finance

LE Papers 1 + 7 + 11

HKSI Practising Certificate - Asset Management

LE Papers 1 + 7 + 12

 

Membership

The LE is the HKSI Institute's benchmark qualification for entry to membership and for progression within membership. HKSI Practising Certificate holders are eligible to apply for Associate Member (AHKSI). HKSI Specialist Certificate holders with at least three year of relevant industry experience are eligible to apply for Ordinary Member (MHKSI). Please click here for detail of membership.

Recognitions

HKSI Practising Certificates and HKSI Specialist Certificates, which are granted to candidates who have completed a preset combination of LE examination papers, are recognised by the Insurance Authority (IA) of Hong Kong.  Holders of either of these certificates are exempted from taking the "Investment-linked Long Term Insurance Examination" of the Insurance Intermediaries Quality Assurance Scheme (IIQAS).

Qualification