Licensing Examination for Securities and Futures Intermediaries

The Licensing Examination for Securities and Futures Intermediaries (LE) is a practical, market-focused examination designed for individuals pursuing careers in Hong Kong’s securities and investment industry.

Under the Securities and Futures Ordinance, a single licensing regime covers 13 types of regulated activity (RA). Individuals need one licence or registration to carry on different types of RA.

The LE meets the competence requirements for individuals seeking licences as Representatives and/or Responsible Officers, as recognised by the Securities and Futures Commission (SFC), and other regulatory bodies, including Insurance Authority and other professional organisations.

Examination Papers:

Regulatory Papers (i.e. LE Papers 1 to 6, and 18) and Practical Papers (i.e. LE Papers 7 to 12, and 19) are approved by the SFC as Recognised Industry Qualifications and Local Regulatory Framework Papers for respective regulated activities (RAs) under the SFC’s "Guidelines on Competence".

Additional Competence Requirements Papers: 
Sponsor Papers (i.e. LE Papers 15 and 16) are approved by the SFC for the examinations under the sponsor eligibility requirements for Type 6 (advising on corporate finance) individuals wishing to engage in sponsor work as Principals and representatives, or relevant individuals respectively.

LE Paper 17 is approved by the SFC for meeting the SFC’s enhanced competence requirements for licensed persons of Type 6 (advising on corporate finance) regulated activity intending to engage in or advise on matters or transactions subject to the Codes on Takeovers and Mergers and Share Buy-backs.

Remark: LE Paper 13 and 14 will be offered upon the commencement of the new licensing regime for Type 12 RA (providing client clearing services for OTC derivative transactions).

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

LE and the SFC Licences for Regulated Activities

Please select the RA you want to engage in to understand the requirements on the relevant Recognised Industry Qualifications (RIQ) and Local Regulatory Framework Papers (LRP), and additional LE Papers for individuals who engage in Type 6 RA and intend to fulfil SFC’s eligibility criteria.

 

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

Recognised Industry Qualifications (RIQ) : LE Papers 7+8
Local Regulatory Framework Papers (LRP): LE Paper 1

Responsible Officers

Recognised Industry Qualifications (RIQ) : LE Papers 7+8
Local Regulatory Framework Papers (LRP): LE Papers 1+2

LE Papers for RA Type 2 and 5

RAs:

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

Recognised Industry Qualifications (RIQ): LE Papers 7+9
Local Regulatory Framework Papers (LRP): LE Paper 1

Responsible Officers

Recognised Industry Qualifications (RIQ): LE Papers 7+9
Local Regulatory Framework Papers (LRP): LE Papers 1+3

LE Papers for RA Type 6

RAs:

Type 6 - Advising on corporate finance
Representatives

Recognised Industry Qualifications (RIQ): LE Papers 7+11
Local Regulatory Framework Papers (LRP): LE Paper 1

Responsible Officers

Recognised Industry Qualifications (RIQ): LE Papers 7+11
Local Regulatory Framework Papers (LRP): LE Papers 1+5

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

Recognised Industry Qualifications (RIQ): LE Papers 7+12
Local Regulatory Framework Papers (LRP): LE Paper 1

Responsible Officers

Recognised Industry Qualifications (RIQ): LE Papers 7+12
Local Regulatory Framework Papers (LRP): LE Papers 1+6

LE Papers for RA Type 10

RAs:

  • Type 10 - Providing credit rating services
Representatives

Recognised Industry Qualifications (RIQ): LE Papers 7+10
Local Regulatory Framework Papers (LRP): LE Paper 1

Responsible Officers

Recognised Industry Qualifications (RIQ): LE Papers 7+10
Local Regulatory Framework Papers (LRP): LE Papers 1+4

LE Papers for RA Type 13

RAs:

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

Recognised Industry Qualifications (RIQ): LE Papers 7+19
Local Regulatory Framework Papers (LRP): LE Paper 1

Responsible Officers

Recognised Industry Qualifications (RIQ): LE Papers 7+19
Local Regulatory Framework Papers (LRP): LE Papers 1+18

 

Remarks

  • For exemptions from the RIQ and LRP 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 RIQ and LRP 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/Platform: 

Regulatory Papers
Paper 1 Fundamentals of Securities and Futures Regulation

Syllabus:  click here
Number of MCQs: 60
Duration: 90 minutes
Frequency*: Monthly
Examination Fees:
HKD1,475 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,895 (Global Examination Centres)

Paper 2 Regulation of Securities

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)

Paper 3 Regulation of Derivatives

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (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/Remote Examination)
 
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)

Paper 5 Regulation of Corporate Finance

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)

Paper 6 Regulation of Asset Management

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)

Paper 18 Regulation of Providing Depositary Services

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)

Practical Papers
Paper 7 Financial Markets

Syllabus:  click here
Number of MCQs: 60
Duration: 90 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)

Paper 8 Securities

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)

Paper 9 Derivatives

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (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/Remote Examination) 
Examination Fees: 
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)

Paper 11 Corporate Finance

Syllabus:  click here
Number of MCQs: 40
Duration: 90 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (Global Examination Centres)

Paper 12 Asset Management

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,330 (Hong Kong Examination Centre/Remote Examination) ;
HKD1,750 (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: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)

Additional Competence Requirements Paper
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/Remote Examination) 
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (Global Examination Centres)

Paper 16 Sponsors (Representatives)

Syllabus:  click here
Number of MCQs: 40
Duration: 60 minutes
Frequency*: Monthly
Examination Fees: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (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: 
HKD1,750 (Hong Kong Examination Centre/Remote Examination) ;
HKD2,170 (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.

Study Support
Study Materials (Available Upon Enrolment)

To help candidates prepare for the LE, the HKSI Institute offers Study Guides in both English and Chinese. These guides provide comprehensive reading materials and necessary information on the subject matters, helping candidates develop the competencies assessed in the examination.  Candidates enrolling for the LEs held in Hong Kong/Macau can download the respective eStudy Guides for free via the HKSI Institute Online Portal/"Downloads" tab of the "Menu" of the HKSI Institute Mobile from the enrolment date until the examination date. The HKSI Institute periodically revises and updates these study guides. For details, please click Updating Your Study Manuals.

Additional Resources for LE Papers 18 and 19:

  • Upon enrolment in LE Paper 18 and Paper 19, candidates will have access to a sample practice test available under the “CPT/Non-CPT Activity” tab in the “Upcoming Activity” section of the HKSI Institute Online Portal/"My eCourses" of the HKSI Institute Mobile.
  • Additionally, a 2-hour e-Seminar (in English with Traditional Chinese subtitles) will be available upon enrolment of LE Paper 19.

Both the sample practice test and e-Seminar will be accessible from the day after enrolment for up to 90 days.

Revision Tools

The HKSI Institute has developed the Guidelines for Examination Preparation and Sample Practice Tests to assist candidates in their preparing for the LE.

Optional Resources (fee-charging)

In addition to the above resources, candidates may enrol in online practice questions for LE Paper 1Paper 7 and Paper 8 to familiarised themselves with the examination question structure and identify areas that require more 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.

To cater for the needs of other interested parties, the eStudy Guides are available for purchase online as follows:

  • HKSI Institute’s Individual Members and staff of Corporate Members: HKD200 per copy
  • Non-members: HKD400 per copy

Candidate should be aware of the notice about the revision study notes, examination questions and answers of the LE which are available for sale in other websites.

External Recognitions
Insurance Authority (IA)

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).

Chartered Institute for Securities & Investment's (CISI)

LE Paper 1 is recognised as a suitable replacement of the Chartered Institute for Securities & Investment's (CISI) Investment Operations Certificate (IOC) regulatory unit. The IOC is awarded on the completion of three IOC units. HKSI Institute's individual members or market practitioners who have successfully completed the LE Paper 1 are required to take only two IOC units to attain the certification.

Certificate and Membership
Certificate

Upon the successful completion of a preset combination of examinations within three 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 no exemptions from taking any examination papers for certification purposes.

There are two levels of certification:

HKSI Institute Practising Certificate
HKSI Institute Practising Certificate - Securities

LE Papers 1 + 7 + 8

HKSI Institute Practising Certificate - Derivatives

LE Papers 1 + 7 + 9

HKSI Institute Practising Certificate - Credit Rating Services

LE Papers 1 + 7 + 10

HKSI Institute Practising Certificate - Corporate Finance

LE Papers 1 + 7 + 11

HKSI Institute Practising Certificate - Asset Management

LE Papers 1 + 7 + 12

HKSI Institute Practising Certificate - Depositary Services

LE Papers 1 + 7 + 19

HKSI Institute Specialist Certificate
HKSI Institute Specialist Certificate - Securities

LE Papers 1 + 2 + 7 + 8

HKSI Institute Specialist Certificate - Derivatives

LE Papers 1 + 3 + 7 + 9

HKSI Institute Specialist Certificate - Credit Rating Services

LE Papers 1 + 4 + 7 + 10

HKSI Institute Specialist Certificate - Corporate Finance

LE Papers 1 + 5 + 7 + 11

HKSI Institute Specialist Certificate - Asset Management

LE Papers 1 + 6 + 7 + 12

HKSI Institute Specialist Certificate - Depositary Services

LE Papers 1 + 7 + 18 + 19

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 years of relevant industry experience are eligible to apply for Ordinary Member (MHKSI). Please click here for details of membership.

Policies

Before enrolling for the examination, you must read and understand all the policies set by the HKSI Institute. During the enrolment process, all candidates are required to agree to abide by these policies, which are updated periodically.

Qualification