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Licensing Examination for Securities and Futures Intermediaries

The Licensing Examination for Securities and Futures Intermediaries (LE) is designed to meet the competence requirements for individuals seeking to be licensed as Representatives or Responsible Officers, as recognised by the Securities and Futures Commission (SFC), and other regulatory and professional bodies. 

Examination Papers:

Regulatory Papers (LE Papers 1 to 6, and 18) and Practical Papers (LE Papers 7 to 12, and 19) are recognised by the SFC under its "Guidelines on Competence" as Local Regulatory Framework Papers and Recognised Industry Qualifications for the relevant regulated activities (RAs).

Additional Competence Requirements Papers:
For sponsor work in Type 6 RA (advising on corporate finance), the SFC requires LE Paper 15 for Principals and LE Paper 16 for representatives or relevant individuals.

Type 6 licensed persons who engage in, or advise on, matters or transactions under the Codes on Takeovers and Mergers and Share Buy-backs are required to pass LE Paper 17.

Remarks: LE Papers 13 and 14 will be introduced when the new licensing regime for Type 12 RA (providing client clearing services for OTC derivative transactions) takes effect.

LE and the SFC Licences for Regulated Activities

The table below summarises the required LE Papers for each RA Type.  Please refer to SFC guidelines for full licensing requirements

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
Representatives

Local Regulatory Framework Papers: LE Paper 1
Recognised Industry Qualifications: LE Papers 7+8

Responsible Officers

Local Regulatory Framework Papers: LE Papers 1+2
Recognised Industry Qualifications: LE Papers 7+8

LE Papers for RA Type 2 and 5

RAs:

  • Type 2 - Dealing in futures contracts
  • Type 5 - Advising on futures contracts
Representatives

Local Regulatory Framework Papers: LE Paper 1
Recognised Industry Qualifications: LE Papers 7+9

Responsible Officers

Local Regulatory Framework Papers: LE Papers 1+3
Recognised Industry Qualifications: LE Papers 7+9

LE Papers for RA Type 6

RAs:

Type 6 - Advising on corporate finance
Representatives

Local Regulatory Framework Papers: LE Paper 1
Recognised Industry Qualifications: LE Papers 7+11

Responsible Officers

Local Regulatory Framework Papers: LE Papers 1+5
Recognised Industry Qualifications: LE Papers 7+11

Sponsors
Principals

Additional Paper: LE Paper 15

Representatives

Additional Paper: LE Paper 16

Engage in or advise on matters or transactions subject to the Codes on Takeovers and Mergers and Share Buy-back (unless exempted)

Additional Paper: LE Paper 17

LE Papers for RA Type 9

RAs:

  • Type 9 - Asset management
Representatives

Local Regulatory Framework Papers: LE Papers 1
Recognised Industry Qualifications: LE Papers 7+12

Responsible Officers

Local Regulatory Framework Papers: LE Papers 1+6
Recognised Industry Qualifications: LE Papers 7+12

LE Papers for RA Type 10

RAs:

  • Type 10 - Providing credit rating services
Representatives

Local Regulatory Framework Papers  LE Paper 1
Recognised Industry Qualifications: LE Papers 7+10

Responsible Officers

Local Regulatory Framework Papers  LE Papers 1+4
Recognised Industry Qualifications: LE Papers 7+10

LE Papers for RA Type 13

RAs:

  • Type 13 - Providing depositary services for relevant Collective Investment Schemes
Representatives

Local Regulatory Framework Papers  LE Paper 1
Recognised Industry Qualifications: LE Papers 7+19

Responsible Officers

Local Regulatory Framework Papers  LE Papers 1+18
Recognised Industry Qualifications: LE Papers 7+19

 

Remarks

  • For exemptions from the Local Regulatory Framework Papers and Recognised Industry Qualifications requirements, please refer to paragraph 4.4 of the SFC's “Guidelines on Competence” .
  • Type 3 RA (Leveraged Foreign Exchange Trading) is not included in the above since the HKSI Institute does not offer any examination papers on this RA.
  • There is no Local Regulatory Framework Papers and Recognised Industry Qualifications requirements for Type 7 RA (Providing Automated Trading Services).
Examination Details and Fees

Format: Multiple-choice Questions (MCQ)
Examination Question Language: English and Traditional Chinese
Pass Mark: 70% for each paper
Mode: Computer-based Examination (CBE)
Examination System and Interface Language: Examination System Simulator; English
Examination Venue: 

Regulatory Papers
Paper 1 Fundamentals of Securities and Futures Regulation

Syllabus:
Version 3.5 (Valid for LEs from 30 June 2026 onwards)
Version 3.4.2 (Valid for LEs up to and including 29 June 2026)
Number of MCQs: 60
Duration: 90 minutes
Frequency*: Monthly
Examination Fees#:
HKD1,630 (Hong Kong Examination Centre) ;
HKD2,050 (Global Examination Centres)

Paper 2 Regulation of Securities

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Paper 3 Regulation of Derivatives

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Paper 4 Regulation of Credit Rating Services

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Quarterly (Hong Kong Examination Centre) / Monthly (Global Examination Centres) 
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Paper 5 Regulation of Corporate Finance

Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Paper 6 Regulation of Asset Management

Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Paper 18 Regulation of Providing Depositary Services

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Practical Papers
Paper 7 Financial Markets

Syllabus: click here
Number of MCQs: 60
Duration: 90 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,470 (Hong Kong Examination Centre) ;
HKD1,890 (Global Examination Centres)

Paper 8 Securities

Syllabus: click here 
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,470 (Hong Kong Examination Centre) ;
HKD1,890 (Global Examination Centres)

Paper 9 Derivatives

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,470 (Hong Kong Examination Centre) ;
HKD1,890 (Global Examination Centres)

Paper 10 Credit Rating Services

Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Quarterly (Hong Kong Examination Centre) / Monthly (Global Examination Centres) 
Examination Fees#: 
HKD1,470 (Hong Kong Examination Centre) ;
HKD1,890 (Global Examination Centres)

Paper 11 Corporate Finance

Syllabus:  click here
Number of MCQs: 40
Duration: 90 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,470 (Hong Kong Examination Centre) ;
HKD1,890 (Global Examination Centres)

Paper 12 Asset Management

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,470 (Hong Kong Examination Centre) ;
HKD1,890 (Global Examination Centres)

Paper 19 Depositary Services for Collective Investment Schemes

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Additional Competence Requirements Papers
Paper 15 Sponsors (Principals)

Syllabus: click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Bi-monthly (Hong Kong Examination Centre) / Monthly (Global Examination Centres) 
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Paper 16 Sponsors (Representatives)

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)

Paper 17 Regulation of Takeovers and Share Buy-backs

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees#: 
HKD1,930 (Hong Kong Examination Centre) ;
HKD2,350 (Global Examination Centres)


* For the examination dates and application deadlines, please click here. Please note that enrolment is on a first-come-first-served basis. The number of examination sessions may be increased as needed to meet demand.

# Examination fees will be revised with effect from 1 July 2026, with increases up to 10.4% depending on the paper.

Study Support

Each LE paper has its eStudy Guide in English and Chinese, providing comprehensive reading materials and necessary information on the subject matters to support examination preparation. Additional support resources such as examination preparation guidelines, sample practice questions, eSeminars on selected LE papers, are also available. 

Study Materials

A complimentary eStudy Guide is provided upon enrolment for each LE paper and remains accessible until the examination date.  Candidates can download the eStudy Guide from the Online Portal under “Upcoming Activity” or from the Mobile App under “Menu” > “Downloads”.  The eStudy Guides are updated periodically or as necessary.  The latest versions are listed in the Updating Your Study Manuals section.

For those who do not want to enrol for the examination, eStudy Guides are also available for online purchase at the following prices:

  • HKSI Institute Individual Members and staff of Corporate Members: HKD200 per copy
  • Non-members: HKD400 per copy
Complimentary Resources for Selected LE papers

Candidates enrolled in LE Paper 18 and Paper 19 can access sample practice questions via the HKSI Institute online portal under “Upcoming Activity” >“CPT/Non-CPT Activity” tab or the HKSI Institute Mobile App under "My eCourses". 
Candidates enrolled in LE Paper 19 also have access to a 2-hour e-Seminar in English with Traditional Chinese subtitles.  
Both resources are available from the day after enrolment for up to 90 days.

Optional Resources (fee-charging)

Candidates may also enrol in online practice questions for LE Paper 1, Paper 7 and Paper 8 to become familiar with the examination question structure and identify areas requiring further attention during preparation.   

A three-module eCourse on the LE Paper 17 “Regulation of Takeovers and Share Buy-backs” is also available to help candidates better prepare for the examination.


The HKSI Institute has not authorised any third-party to offer LE revision tools or study support resources. The HKSI Institute shall not be responsible for any loss or damage resulting from the use of resources provided by other third-party providers. Read more

Policies

Before enrolling for the examination, you must read and understand all policies issued by the HKSI Institute. As part of the enrolment process, all candidates must agree to comply with these policies, which may be updated from time to time.

Any examination misconduct, including but not limited to cheating, impersonation, or unauthorised access to examination questions, may result in disciplinary action, including disqualification, suspension from future examinations, and notification to the relevant regulatory and/or professional bodies.

Frequently Asked Questions

You can find frequently asked questions about an examination below or click here for other questions.

  1. Is there any exemption from certain LE Papers?
  2. Why are some examination sessions visible on the HKSI Institute's Examination Schedule but not in the scheduling platform, ProScheduler?
  3. Why am I only able to choose the examination session within the two weeks being shown in "ProScheduler" platform?
  4. Why are examination session not displayed for scheduling on ProScheduler even though it hasn't reached the scheduling deadline hasn’t passed?
  5. I have enrolled for an examination at the Global Examination Centre in London. Can I reschedule to a different examination centre?
  6. Who should I contact if I encounter issues while scheduling or rescheduling an examination session through the "ProScheduler" platform?
  7. What are the key points to keep in mind on the examination day?
  8. On the examination day, if I am unable to attend, can I request a reschedule or a refund?
  9. How can I get my Notification of Results and examination certificates?

 

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