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15 December 2005
Hong Kong Professional Qualification Examination - Gateway to International Financial Markets
HKSI "Licensing Examination for Securities and Futures Intermediaries" Launched in Shanghai
(January 4, 2006) Organised by the Hong Kong Securities Institute ("HKSI") in association with the Securities Association of China and the China Futures Association,
and administered locally by the Shanghai Securities Association, the HKSI "Licensing Examination for Securities and Futures Intermediaries" (Paper 1) will be held in Shanghai on April 22, 2006 (Saturday).
Since the Mainland and Hong Kong Closer Economic Partnership Arrangement ("CEPA") was implemented, the "Licensing Examination for Securities and Futures Intermediaries"
has been a passport for Mainland professionals who wish to pursue a career in financial services and join the securities and futures sector in Hong Kong.
Following the success it had in Shenzhen last year, the examination arrives this year in Shanghai for the first time to cater to the demand of Mainland professionals.
It is also the first Hong Kong professional qualification examination to be held in the Mainland since phase 3 of CEPA kicked off.
With the securities markets in Hong Kong and the Mainland integrating, the examination is expected to drive mutual endorsement of professional qualifications between the two places.
Organised by the HKSI, the "Licensing Examination for Securities and Futures Intermediaries" ("Licensing Examination") complies with the "Guidelines on Competence" for registration as Representatives and/or Responsible Officers with the Securities and Futures Commission ("SFC") in Hong Kong.
The SFC deems some of the papers of the Licensing Examination to be adequate for certification as "Recognised Industry Qualifications" and as "Local Regulatory Framework Papers".
The first "Licensing Examination" (Paper 1) held in Shenzhen last year had 270 Mainland candidates and the overall passing rate was above 80 percent.
This indicates that HKSI's Licensing Examination has considerable influence on the Mainland and has been gaining attention and recognition from Mainland finance practitioners.
Mr. Gary Cheung, Chief Executive of the HKSI, a keen facilitator of cross-border exchange and import of professionals, said,
"With Mainland gradually fulfilling its commitment as a member of the WTO, its financial market has become more open.
The capital market is expected to align with the international capital market in a broad sense.
As set out in the agreement of phase 3 of CEPA, eligible Mainland futures companies are allowed to participate in futures trading in Hong Kong.
This represents the turning of a new leaf in the cooperation and exchange of professional talents between Hong Kong and the Mainland.
The Licensing Examination provides the benchmark for selecting elite practitioners in the Mainland.
The examination can serve as fast track into the international securities market for Mainland financial professionals, giving them unprecedented opportunities of new careers."
Mainland professionals (residents in China who possess securities and/or futures practising qualifications in China) who pass the HKSI "Licensing Examination for Securities and Futures Intermediaries" (Paper 1)
and satisfy other SFC licensing requirements will be eligible to apply for relevant licenses in Hong Kong.
They are not required to take any other professional examinations.
The enrolment period for the examination is between January 3, 2006 (Tuesday) and March 1, 2006 (Wednesday).
To supplement the examination, the Shanghai Securities Association will organize a training programme of "Hong Kong Securities and Futures Regulations" in the weekend on March 25 and 26, 2006.
The programme aims to prepare candidates for the examination, increasing their chances of obtaining SFC endorsed qualifications.
Mr. Chen Geng, President of the Shanghai Securities Association which will administer the upcoming examination, said,
"The launch of HKSI's 'Licensing Examination for Securities and Futures Intermediaries' in Shanghai makes taking the examination so much more convenient for Mainland professionals.
As the Mainland financial market becomes a part of the international financial market, a bigger pool of local financial experts is needed.
Through taking the examination, Mainland finance practitioners will be able to gain professional knowledge of the well-developed international securities market, thereby raise their own professional standards.
They will not only be laying the foundation for an international professional career for themselves,
but will also be contributing to promote the development of China's financial industry."
About Hong Kong Securities Institute
The Hong Kong Securities Institute provides comprehensive and professional training courses, organises events and administers internationally recognised examinations for individuals who wish to work in the financial services sector.
Its aim is to raise the standards of securities and finance practitioners. Please refer to the website www.hksi.org for details.
About the licensing system and mutually recognised qualifications under CEPA
The Securities and Futures Ordinance ("SFO"), a single licensing system was introduced on April 1, 2003.
Under the system, a license holder may engage in different types of regulated activities falling into nine categories.
Each license issued will clearly define the type of regulated activities the holder may engage in. The nine regulated activities are as follows:
Type |
Regulated Activities |
RA 1 |
Dealing in securities |
RA 2 |
Dealings in futures contracts |
RA 3 |
Leverage foreign exchange trading |
RA 4 |
Advising on securities |
RA 5 |
Advising on futures contracts |
RA 6 |
Advising on corporate finance |
RA 7 |
Providing automated trading services |
RA 8 |
Securities margin financing |
RA 9 |
Asset management |
Pursuant to the following mapping table, Mainland professionals applying for Hong Kong licenses will be deemed as having possessed the necessary industry qualifications in Hong Kong.
Practising Qualifications in China |
Regulated Activities Specified in Hong Kong Licenses |
Securities Practising Qualification
(having passed the Special Paper on Securities Dealing) |
Dealing in Securities
(RA1) |
Securities Practising Qualification
(having passed the Special Paper on Securities Investment Analysis) |
Advising on Securities
(RA4) |
Securities Practising Qualification
(having passed the Special Paper on Securities Issuance and Underwriting) |
Advising on Corporate Finance
(RA6) |
Futures Practising Qualification
(having passed the Special Paper on Futures) |
Dealing in Futures Contracts
(RA2) |
Futures Practising Qualification
(having passed the Special Paper on Futures) |
Advising on Futures Contracts
(RA5) |
Securities Practising Qualification
(having passed the Special Paper on Securities Investment Funds) |
Asset Management
(RA9) |
(Extract from the website of SFC at www.sfc.hk)
Mainland professionals applying for a Hong Kong license must comply with the requirements set out under the "Fit and Proper Guidelines" and "Guidelines on Competence" (downloadable from the website of SFC).
Notwithstanding the above table, Mainland professionals who meet the "Recognised Industry Qualifications" of SFC, are still required to pass the relevant regulatory examinations in Hong Kong to satisfy "Local Regulatory Framework Papers" requirements.
For media enquiries, please contact:
Mr Gary Cheung, Chief Executive on 3120 6288
Ms Daisy Lo, Director - Marketing and Membership Services on 3120 6158
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