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The HKSI Licensing Examination is modular: each paper is a separate exam, and which ones you need depends on your regulated activity and role. Pick the one you're studying and your whole dashboard, practice and mocks switch to it.
Regulatory papers
Fundamentals of Securities and Futures Regulation
Almost every licence applicant: the core regulatory paper.
Continue →Regulatory papers
Paper 4
Regulation of Credit Rating Services
Coming soon
Paper 4: format, fee and pass rate →Regulatory papers
Paper 5
Regulation of Corporate Finance
Coming soon
Paper 5: format, fee and pass rate →Regulatory papers
Paper 6
Regulation of Asset Management
Coming soon
Paper 6: format, fee and pass rate →Regulatory papers
Paper 17
Regulation of Takeovers and Share Buy-backs
Coming soon
Paper 17: format, fee and pass rate →Regulatory papers
Paper 18
Regulation of Providing Depositary Services
Coming soon
Paper 18: format, fee and pass rate →Practical papers
Paper 7
Financial Markets
Updated for the 9 Dec 2026 syllabus: coming soon
Paper 7: format, fee and pass rate →Practical papers
Paper 8
Securities
Updated for the 9 Dec 2026 syllabus: coming soon
Paper 8: format, fee and pass rate →Practical papers
Paper 19
Depositary Services for Collective Investment Schemes
Coming soon
Paper 19: format, fee and pass rate →Most licence applicants sit Paper 1, the core regulatory paper. Many also need Papers 7 and 8, but under the SFC's Guidelines on Competence a relevant degree or professional qualification can stand in for them. Our guide walks through the common cases.