HKSI Paper 5 study plan

Map the SFC's statutory objectives, functions and the four types of regulated activity relevant to corporate finance work, writing a one-page structure diagram from memory

Trace how the Securities and Futures Ordinance, subsidiary legislation, codes and guidelines interlock, and state which instruments are legally binding versus advisory

Distinguish the seven categories of market misconduct under the SFO and identify the mental element each requires

Explain the inside information disclosure regime: what triggers a disclosure obligation, the safe harbours, and the role of the Market Misconduct Tribunal

Outline the licensing regime: which entities need a licence, corporate versus individual requirements, responsible officers and managers-in-charge

Compare the corporate finance adviser regime with the sponsor regime, listing the eligibility, competence and undertaking requirements of each

Describe sponsor due diligence obligations through the listing application process and the consequences of failing them

Summarise the SFC's disciplinary powers and the fit-and-proper criteria applied to licensees

Explain the respective roles of the SFC, the Listing Committee and the Exchange in listing vetting and post-listing supervision

Walk through the eligibility tests for a Main Board listing, including the financial tests, management continuity and ownership continuity

Sequence the IPO process from appointment of sponsors through submission of the listing application, vetting, hearing and listing

Identify the contents and purpose of the listing document and the key disclosure principles behind it

Apply the notifiable transaction size tests and classify a set of hypothetical transactions into the correct category

Distinguish connected persons from connected transactions and identify the approval and disclosure consequences of each

State the continuing obligations of a listed issuer, including periodic reporting, inside information disclosure and dealings restrictions

Explain how the Listing Rules treat transactions requiring shareholder approval and the role of independent financial advisers

Explain the structure and purpose of the Takeovers Code and identify which transactions it governs

Apply the mandatory general offer trigger thresholds and the creeper rule to hypothetical shareholding scenarios

Describe the roles of the Executive, the Takeovers Panel and the Takeovers Appeal Committee in enforcing the Code

Outline the rules on offer periods, conditions, revisions and the prohibition on frustrating action

Summarise the Companies Ordinance requirements relevant to share capital, capital maintenance and distributions

Explain the procedures and restrictions governing share buy-backs, including on-market and off-market buy-backs and the connected person implications

Compare capital raising methods available to a listed issuer and state the approval and disclosure requirements for each

Identify the circumstances in which shareholder approval or a specific mandate is required for an issue of shares

Apply the inside information disclosure obligations to a set of fact patterns and determine whether and when disclosure is required

Trace the SFC's investigation and enforcement process from initial enquiry through to disciplinary action or tribunal proceedings

Review the interaction between notifiable transaction rules and inside information disclosure timing during a deal

Explain the sanctions available under the SFO and the factors that aggravate or mitigate them

Complete two full-length timed mock examinations under exam conditions and record the score for each domain

Revisit every logged error from weeks 1 to 7 and rewrite the correct rule in your own words

Drill the highest-weight domains, takeovers and licensing, until accuracy on those questions exceeds 80 percent

Consolidate a one-page summary sheet of thresholds, time limits and approval routes for final revision