HKSI Paper 1 Practice Questions by Topic

Hong Kong's financial products and services, the regulators (SFC, HKMA, IA, MPFA, AFRC) and the arms of Government behind them, the SFC's structure, committees, tribunals and panels, HKEX's role beside the SFC, and the participants in the market. Syllabus Topic 1 (LE Paper 1 syllabus v35, effective 30 June 2026).

The Hong Kong legal system, courts, tribunals and arbitration, and the Companies Ordinance (Cap. 622): company types, constitution, share capital and debentures, meetings and resolutions, directors' duties, minority protection, inspections and winding up. Syllabus Topic 2.

The SFO part by part: definitions in Schedule 1, the SFC's objectives, functions and powers, exchanges and clearing houses, OTC derivatives, offers of investments, OFCs, licensing, client assets, business conduct, supervision and investigations, discipline, intervention, SFAT, investor compensation, inside information and disclosure of interests. Syllabus Topic 3.

Regulated activities, licensed corporations and registered institutions, responsible officers and licensed representatives, fitness and properness, competence and CPT, then the SFO rules on financial resources, client securities, client money, records, contract notes and statements, audit, OTC derivative reporting and clearing, and OFCs. Syllabus Topic 4.

The Code of Conduct for Persons Licensed by or Registered with the SFC (general principles, know your client, suitability, client agreements, professional investors, conflicts, complaints), plus the Fund Manager Code of Conduct, Corporate Finance Adviser Code, CRA Code, OFC Code and the Code of Conduct for Share Registrars. Syllabus Topic 5.

The Management, Supervision and Internal Control Guidelines, AML/CFT under the AMLO (Cap. 615) and the SFC AML Guideline, suspicious transaction reporting, electronic trading and alternative liquidity pools, the Personal Data (Privacy) Ordinance, corporate governance, insurance and the CRS. Syllabus Topic 6.

HKEX and its exchanges and clearing houses, dealing in SEHK-listed securities, trading sessions and order types, CCASS settlement, Stock Connect, SEHK traded options, HKFE futures, position limits and reportable positions, and marketing listed structured products. Syllabus Topic 7.

The Listing Rules (listing requirements, sponsors, overall coordinators, compliance advisers, notifiable and connected transactions, halts and suspensions), the Takeovers Code and Share Buy-backs Code, SFC-authorised products (CIS, SIPs, REITs, ILAS, MPF) and virtual-asset regulation. Syllabus Topic 8.

The six forms of market misconduct, civil proceedings before the Market Misconduct Tribunal versus criminal prosecution, sanctions and private civil actions, unsolicited calls, improper trading practices and SFC enforcement. Syllabus Topic 9.