HKSI LE Paper 15 study plan

Map the cash market end to end: list the roles of the SEHK, HKFE, HKSCC and CCASS, and state which entity clears versus which executes each trade type

Trace a single equity order from client instruction through broker routing, matching on HKEX's trading engine, and settlement at T+2, naming each intermediary and the point at which counterparty risk shifts

Explain the difference between Main Board and GEM listing venues and how that feeds into trading eligibility, and distinguish the short-selling, stamp duty and trading-fee mechanics that apply to a normal buy versus a covered short sale

Build a one-page diagram of market participants (exchange participants, clearing participants, custodians, market makers, liquidity providers) and annotate the licence or registration each typically holds

Distinguish the statutory powers of the SFC from the front-line market-operating role of HKEX and its subsidiaries, and state which body makes listing rules versus which enforces them

List the SFC's licensing regimes for Type 1, 2, 4, 5, 6 and 9 regulated activities and match each to a concrete business activity

Summarise the SFC's investigation, disciplinary and enforcement toolkit, including the powers to intervene, restrict business and seek court orders, and identify which conduct triggers criminal versus disciplinary routes

Outline the roles of the HKMA, the Insurance Authority and the AFRC, and state where their jurisdiction overlaps or hands off to the SFC

Walk through the Main Board eligibility tests (financial, track record, market capitalisation, public float, management and ownership continuity) and apply them to a hypothetical applicant to decide eligibility

Explain the sponsor's due-diligence and vetting obligations and the consequences of a deficient listing application for the sponsor

Classify common corporate actions (rights issue, open offer, bonus issue, share split and consolidation, scrip dividend) and state the effect of each on share price, share count and shareholder entitlement

Describe the connected-transaction and notifiable-transaction thresholds and the disclosure route each requires

Compare ordinary shares, preference shares and depositary receipts on voting rights, dividend priority and residual claim, and identify which features make an instrument equity rather than debt

Differentiate bond structures (fixed versus floating coupon, secured versus unsecured, senior versus subordinated, convertible, callable, perpetual) and explain how each affects the holder's risk position

Explain the collective investment scheme concept, the authorisation regime for retail funds, and the key differences between an authorised fund and an unauthorised fund offered to professional investors

Interpret a fund's offering document to identify its investment policy, fee structure and redemption mechanics

Distinguish futures from options on obligation, margin, and payoff, and compute the profit or loss at expiry for a long and a short position in each

Explain how margin, mark-to-market and daily settlement work for HKFE futures, and identify the circumstances that trigger a margin call

Describe swap mechanics (interest rate, currency, equity) and explain how structured products embed derivatives into a note or deposit wrapper

Identify the principal risks of derivative and structured products (leverage, counterparty, market, liquidity) and match each to a specific product example

Explain the discretionary versus advisory versus execution-only service models and state the documentation each requires

Apply the suitability obligation to a client profile: match risk tolerance, investment horizon and concentration limits to a recommended portfolio and justify the recommendation

Describe the asset-management process (mandate, investment policy statement, strategic versus tactical allocation, rebalancing, performance measurement) and use it to critique a sample portfolio

Identify the core business-conduct standards on conflicts of interest, best execution, client-asset segregation and fair dealing, and give one breach example for each

Apply the risk-based approach to client due diligence: distinguish simplified from enhanced measures and identify which client types trigger enhanced due diligence

Recognise red flags of money laundering and terrorist financing in securities accounts (layering through rapid trades, third-party funding, unusual cash deposits, structuring) and state the escalation step for each

Describe ongoing monitoring, record-keeping and suspicious transaction reporting obligations, including the internal reporting route and the prohibition on tipping off

Explain how an AML compliance programme is governed (policies, training, independent testing, senior management responsibility) and how it links to the firm's broader conduct obligations

Consolidate weak areas by reviewing every error logged in weeks 1 to 7 and rewriting the underlying rule in your own words

Complete two full-length timed mock papers under exam conditions and record the score by domain to identify residual gaps

Rehearse the highest-yield facts (settlement cycle, regulator roles, licensing types, listing tests, corporate-action effects, margin mechanics, suitability and AML triggers) in a rapid-recall session

Build a final one-page revision sheet limited to the facts you personally got wrong twice or more