HKSI LE Paper 15 study guide
HKSI LE Paper 15 · Work through your exam, one topic at a time.
HKSI Licensing Examination Paper 15 is one of the papers in the licensing examination suite administered by the Hong Kong Securities and Investment Institute (HKSI Institute), the industry body that sets and delivers these papers locally. Paper 15 is aimed at candidates seeking registration or licensing to carry on regulated activities connected with asset management and advisory work, and it is typically taken alongside other papers that together satisfy the competence requirements of the Securities and Futures Commission (SFC). The HKSI LE Paper 15 study guide has 8 sections and about 3,867 words.
01Market Structure, Participants and Trading Mechanisms
This domain tests how Hong Kong's cash and derivatives markets are wired together: who operates them, who may trade on them, how orders match, and how trades settle. Expect questions contrasting the SEHK cash market with the HKFE derivatives market, and testing clearing houses, order types and the charges printed on a contract note.
473 words, about 2 min02Regulatory Framework: SFC, SEHK, HKFE and Other Regulators
This domain tests the statutory architecture: who makes the rules, who enforces them, and where the boundaries lie between the SFC, the exchanges, the HKMA and other bodies a candidate meets on the job. The Securities and Futures Commission is a statutory body under the Securities and Futures Ordinance (Cap.
499 words, about 2 min03Corporate Finance, Listing Rules and Corporate Actions
This domain tests listing eligibility, the classification of transactions and the machinery of corporate actions - the daily work of corporate finance and compliance professionals. A Main Board applicant under the profit test needs a three-year profit track record: at least HK 35 million in the most recent year and HK 45 million in aggregate for the two preceding years, with a market capitalisation of at least HK 500 million at listing.
532 words, about 3 min04Equity Securities, Debt Securities and Collective Investment Schemes
This domain tests product knowledge across the three asset classes the paper treats as core, and the boundary between what may be offered to the Hong Kong public and what may not. Hong Kong-listed equity includes ordinary shares of Hong Kong-incorporated issuers, H shares (PRC-incorporated issuers), red chips (outside-PRC incorporated, PRC-controlled), and weighted voting rights shares under Chapter 8A for innovative issuers with market cap of at least HK 40 billion, or HK 10 billion with revenue of at least HK 1 billion.
531 words, about 3 min05Derivatives: Futures, Options, Swaps and Structured Products
This domain tests contract mechanics, risk profiles and the clearing route for exchange-traded and OTC derivatives, plus the listing regime for structured products sold to the public. HKFE lists HSI and HSCEI futures and options, Mini-HSI and Mini-HSCEI contracts, stock futures and options, RMB currency futures and gold futures.
465 words, about 2 min06Asset Management, Portfolio Management and Advisory Services
This domain tests how discretionary portfolios are mandated, managed and reported, and how advisory obligations differ from dealing. Managing a discretionary portfolio is Type 9 (asset management); securities advice is Type 4, futures advice Type 5, and dealing Type 1 or 2.
430 words, about 2 min07Business Conduct, Ethics and Client Suitability Obligations
This domain tests the SFC Code of Conduct in practice: onboarding, suitability, conflicts, order handling, client assets and personal ethics. Paragraph 4 (know your client) and paragraph 5 (suitability) are the backbone.
441 words, about 2 min08Anti-Money Laundering, Counter-Terrorist Financing and Compliance Controls
This domain tests the AML/CTF framework for licensed corporations: legal basis, customer due diligence, the risk-based approach, suspicious transaction reporting and the controls the SFC expects. The core statutes are the Anti-Money Laundering and Counter-Terrorist Financing Ordinance (Cap.
496 words, about 2 min