LE Paper 1 in Jul 2007
The pass rate of LE Paper 1 held
on 28 July 2007 was 50%. Figures 1 and 2 show the
distribution by scores of the exam results and the
overall topical correctness¹ achieved in the
examination.
Figure
1. Exam results distribution for LE Paper 1 - Jul 2007
Figure 2. Topical correctness for LE Paper 1 -Jul 2007
Table 1 below
shows a comparison of the topical correctness rates of
each topic of LE Paper 1 in the first seven months of
2007.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
9 |
|
Jan-07 |
0.71 |
0.61 |
0.72 |
0.68 |
0.60 |
0.78 |
0.62 |
0.65 |
0.75 |
|
Feb-07 |
0.71 |
0.69 |
0.73 |
0.62 |
0.72 |
0.70 |
0.61 |
0.77 |
0.76 |
|
Mar-07 |
0.83 |
0.70 |
0.72 |
0.60 |
0.67 |
0.63 |
0.62 |
0.66 |
0.76 |
|
Apr-07 |
0.67 |
0.77 |
0.71 |
0.61 |
0.76 |
0.87 |
0.61 |
0.67 |
0.76 |
|
May-07 |
0.65 |
0.63 |
0.74 |
0.71 |
0.69 |
0.82 |
0.53 |
0.69 |
0.62 |
|
Jun-07 |
0.83 |
0.62 |
0.66 |
0.51 |
0.73 |
0.71 |
0.48 |
0.68 |
0.54 |
|
Jul-07 |
0.71 |
0.63 |
0.72 |
0.67 |
0.62 |
0.74 |
0.67 |
0.67 |
0.73 |
|
Average |
0.73 |
0.67 |
0.72 |
0.63 |
0.68 |
0.75 |
0.59 |
0.68 |
0.70 |
|
Table 1. Topical correctness rates for LE Paper 1:
Jan - Jul 2007 |
The performance of candidates in LE Paper 1 in this
month improved generally. In particular, the improvement
of the performance of Topic 7 (Securities, Options and
Futures) and Topic 9 (Market Misconduct, Improper
Trading Practices and Compliance) was remarkable, with
the correctness rates of both topics increasing by 19%,
as compared to those in the June examination. In
contrast though, the correctness rates of Topic 1
(Regulatory Overview of the Hong Kong Financial
Industry) and Topic 5 (Business Conduct and Client
Relations) decreased by 12% and 11% respectively, when
compared with those in the June examination.
Table 2
highlights one subject area in Topic 2 and two subject
areas in Topic 5 in which candidates performed
unsatisfactorily, and indicates the related sections in
the Study Manual which candidates should pay more
attention to when revising these subject areas.
|
Unsatisfactory subject areas |
Related topics/sections |
|
Topic |
Section |
|
1 |
Private
company |
2 |
2 |
|
2 |
Code of
Conduct for Persons Licensed by or Registered with
the SFC (ˇ§the Code of Conductˇ¨) |
5 |
2 |
|
3 |
Fund
Manager Code of Conduct |
5 |
3 |
|
Table 2. Unsatisfactory subject areas for LE Paper 1
- Jul 2007 |
Revision notes on unsatisfactory subject areas
Candidates are required to know:
1) that a private company is a company that may not have
more than 50 members (excluding present and past
employees) and
may not offer shares to the public.
2) that the schedules to the Code of Conduct set out
additional requirements specific to the respective
regulated activities,
e.g. securities margin financing.
3) that the Fund Manager Code of Conduct applies to
intermediaries conducting discretionary management of
CIS, whether or
not they are authorised by the SFC, and their
representatives, and it supplements the codes and
guidelines applicable to all
intermediaries.
LE Paper 2 in Jul 2007
The pass rate of LE Paper 2
held on 28 July 2007 was 39%. Figures 3 and 4 show the
distribution by scores of the exam results and the
overall topical correctness achieved in the examination.
Figure 3. Exam results distribution for LE Paper 2 - Jul
2007
Figure 4. Topical correctness for LE Paper 2 - Jul 2007
Table 3
below shows a comparison of the topical correctness
rates of each topic of LE Paper 2 in the first seven
months of 2007.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
7 |
|
Jan-07 |
0.46 |
0.65 |
0.81 |
0.75 |
0.67 |
0.75 |
0.47 |
|
Feb-07 |
0.48 |
0.76 |
0.73 |
0.65 |
0.70 |
0.59 |
0.52 |
|
Mar-07 |
0.44 |
0.58 |
0.69 |
0.66 |
0.58 |
0.71 |
0.44 |
|
Apr-07 |
0.67 |
0.67 |
0.81 |
0.72 |
0.65 |
0.64 |
0.44 |
|
May-07 |
0.60 |
0.62 |
0.73 |
0.78 |
0.57 |
0.78 |
0.63 |
|
Jun-07 |
0.61 |
0.63 |
0.78 |
0.76 |
0.79 |
0.82 |
0.71 |
|
Jul-07 |
0.47 |
0.65 |
0.76 |
0.67 |
0.63 |
0.73 |
0.59 |
|
Average |
0.53 |
0.65 |
0.76 |
0.71 |
0.65 |
0.72 |
0.54 |
|
Table 3. Topical correctness rates for LE Paper 2:
Jan - Jul 2007 |
Despite a slight increase of 2% in the correctness
rate of Topic 2 (Relevant Statutory and Related
Requirements) in the LE Paper 2 July examination when
compared with that in the June examination, the
correctness rates of all of the remaining six topics
decreased. Topic 1 (Regulatory Framework), Topic 5
(Other Securities Activities) and Topic 7 (Market
Misconduct and Offences) were the relatively weak areas,
as each recorded a drop of 12% or above in the
correctness rates for July.
Table 4 highlights one subject area in Topic 7 and
two subject areas in Topic 1 in which candidates
performed unsatisfactorily, and indicates the related
sections in the Study Manual which candidates should pay
more attention to when revising these subject areas.
|
Unsatisfactory subject areas |
Related topics/sections |
Topic
|
Section |
|
1 |
False
trading |
7 |
2 |
|
2 |
Appointment by Financial Secretary |
1 |
3 |
|
3 |
Judicial
protection of the minority |
1 |
3 |
|
Table 4. Unsatisfactory subject areas for LE Paper 2
- Jul 2007 |
Revision notes on unsatisfactory subject areas
Candidates are required to know:
1) that off-market transactions are not covered in the
provisions of the Securities and Futures Ordinance about
false trading.
2) that the Financial Secretary may appoint inspectors
to investigate the affairs of a company after the
company passed a
special resolution requesting an investigation.
3) that apart from the statutory safeguards to protect
the interests of minority shareholders, the court may
intervene to allow an
individual to bring an action to enforce some personal
rights.
LE Paper 6 in Jul 2007
The pass rate of LE Paper 6
held on 21 July 2007 was 73%. Figures 5 and 6 show the
distribution by scores of the exam results and the
overall topical correctness achieved in the examination.
Figure 5. Exam
results distribution for LE Paper 6 Jul 2007
Figure 6. Topical correctness for LE Paper 6 - Jul 2007
Table 5
below shows a comparison of the topical correctness
rates of each topic of LE Paper 6 in the first seven
months of 2007.
|
|
Topic |
|
Month |
1 |
2 |
3 |
4 |
5 |
6 |
|
Jan-07 |
0.65 |
0.68 |
0.54 |
0.71 |
0.65 |
0.74 |
|
Feb-07 |
0.80 |
0.73 |
0 |
