100+ Free HKSI Paper 1 Practice Questions
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Key Facts: HKSI Paper 1 Exam
60 questions
HKSI Paper 1 is a 60-question multiple-choice examination
HKSI Institute - Licensing Examination overview
90 minutes
Time allowed to complete all 60 Paper 1 questions
HKSI Institute - Licensing Examination overview
70% (42/60)
Pass mark for Paper 1 is 70%, at least 42 correct answers
HKSI Institute - Licensing Examination overview
HK$1,630
Paper 1 fee at a Hong Kong examination centre
HKSI Institute - Licensing Examination overview
9 topics
Paper 1 syllabus is organised into nine regulatory topics
HKSI Institute - Paper 1 syllabus
10 regulated activities
The SFO defines ten types of regulated activity requiring a licence
Securities and Futures Ordinance, Schedule 5
Monthly
Paper 1 is offered on a monthly examination schedule
HKSI Institute - Licensing Examination overview
100
Free original practice questions in this bank
OpenExamPrep
HKSI Licensing Examination Paper 1 (Fundamentals of Securities and Futures Regulation) is the regulatory paper used to qualify for SFC licensing or registration, administered by the HKSI Institute. It is a 60-question multiple-choice examination lasting 90 minutes with a 70% pass mark, so candidates must answer at least 42 questions correctly. The standard fee is HK$1,630 at a Hong Kong examination centre. The nine-topic syllabus covers the SFC and HKEX, Hong Kong law and the Companies Ordinance, the Securities and Futures Ordinance, licensing and capital requirements, the codes of conduct, business operations, the exchanges, accessing public capital and market misconduct. This 100-question bank provides original practice across all nine topics with explanations for every option.
Sample HKSI Paper 1 Practice Questions
Try these sample questions to test your HKSI Paper 1 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Which body is the statutory regulator of the securities and futures markets in Hong Kong?
2What is the principal piece of legislation governing the securities and futures industry in Hong Kong?
3Hong Kong Exchanges and Clearing Limited (HKEX) is best described as:
4Which of the following is NOT one of the SFC's regulatory objectives under the Securities and Futures Ordinance?
5Hong Kong's legal system is based primarily on which tradition?
6Under the Securities and Futures Ordinance, how many types of regulated activity are defined?
7Which regulated activity under the SFO is 'Type 1'?
8A bank that wishes to carry on regulated activities in Hong Kong is generally regulated as a:
9An individual who actively participates in or directly supervises a regulated activity on behalf of a licensed corporation must be approved by the SFC as a:
10The 'fit and proper' assessment applied by the SFC to licence applicants considers all of the following EXCEPT:
About the HKSI Paper 1 Exam
HKSI Licensing Examination Paper 1, Fundamentals of Securities and Futures Regulation, is the regulatory paper of the Licensing Examination for Securities and Futures Intermediaries administered by the Hong Kong Securities and Investment Institute (HKSI Institute). It is taken by candidates seeking to be licensed by or registered with the Securities and Futures Commission (SFC). The paper is a 60-question, 90-minute closed-book multiple-choice examination with a 70% pass mark, meaning at least 42 correct answers. Its nine topics give an overview of the Hong Kong regulatory framework: the roles of the SFC and Hong Kong Exchanges and Clearing Limited (HKEX); the Hong Kong legal system and Companies Ordinance; the structure and key provisions of the Securities and Futures Ordinance (SFO); licensing, registration and capital requirements; the codes of conduct; business operations including anti-money-laundering and data privacy; participating in the exchanges and accessing public capital; and the market-misconduct regime. Paper 1 covers fundamentals shared with the other LE papers (Papers 2 to 16), which then specialise by regulated activity.
Assessment
60 multiple-choice questions across nine syllabus topics: regulatory overview, Hong Kong law and the Companies Ordinance, the Securities and Futures Ordinance, licensing and registration, business conduct, business operations, participating in the exchanges, accessing public capital, and market misconduct.
Time Limit
90 minutes to complete all 60 multiple-choice questions.
Passing Score
70%. A candidate must answer at least 42 of the 60 questions correctly to pass Paper 1.
Exam Fee
HK$1,630 at a Hong Kong examination centre or HK$2,050 at a global examination centre (HKSI Institute fees, subject to change). (Hong Kong Securities and Investment Institute (HKSI Institute))
HKSI Paper 1 Exam Content Outline
Regulatory overview and Hong Kong law
Topics 1-2 of the syllabus. Covers financial products and services and their regulation, the regulatory authorities, the role and powers of the Securities and Futures Commission (SFC), Hong Kong Exchanges and Clearing Limited (HKEX), market participants and intermediaries, the outline of the Hong Kong legal system and the Companies Ordinance (CO).
Securities and Futures Ordinance (SFO)
Topic 3 of the syllabus. Covers the background and structure of the SFO, the SFC's constitution, objectives, functions, powers and duties, exchange companies and clearing houses, OTC derivatives, offers of investments, open-ended fund companies (OFCs), supervision and investigations, discipline, intervention, the Securities and Futures Appeals Tribunal, investor compensation and the Market Misconduct Tribunal.
Licensing, registration and capital
Topic 4 of the syllabus. Covers licensing and registration requirements under the SFO, the ten types of regulated activity, capital requirements, client securities and client money, keeping of records, contract notes and statements of account, audit and the subsidiary legislation governing intermediaries.
Business conduct and client relations
Topic 5 of the syllabus. Covers the Code of Conduct for Persons Licensed by or Registered with the SFC, the Fund Manager Code of Conduct, the Corporate Finance Adviser Code of Conduct, the code for credit-rating services, the Code on Open-Ended Fund Companies and the Code of Conduct for Share Registrars.
Business operations and practices
Topic 6 of the syllabus. Covers management, supervision and internal control guidelines, prevention of money laundering and terrorist financing, electronic trading and alternative liquidity pools, the Personal Data (Privacy) Ordinance, compliance and governance.
Exchanges and accessing public capital
Topics 7-8 of the syllabus. Covers participating in the Hong Kong exchanges, dealing in securities listed on The Stock Exchange of Hong Kong (SEHK), traded options and futures contracts, trading and marketing, the rules governing listing, other listed securities, takeovers, mergers and share buy-backs, SFC-authorised products and alternative methods of accessing public capital.
Market misconduct and improper trading
Topic 9 of the syllabus. Covers market misconduct under the SFO (insider dealing, false trading, price rigging, stock-market manipulation, disclosure of false or misleading information), the civil and criminal consequences of market misconduct, unsolicited calls, improper trading practices and enforcement actions.
How to Pass the HKSI Paper 1 Exam
What You Need to Know
- Passing score: 70%. A candidate must answer at least 42 of the 60 questions correctly to pass Paper 1.
- Assessment: 60 multiple-choice questions across nine syllabus topics: regulatory overview, Hong Kong law and the Companies Ordinance, the Securities and Futures Ordinance, licensing and registration, business conduct, business operations, participating in the exchanges, accessing public capital, and market misconduct.
- Time limit: 90 minutes to complete all 60 multiple-choice questions.
- Exam fee: HK$1,630 at a Hong Kong examination centre or HK$2,050 at a global examination centre (HKSI Institute fees, subject to change).
Keys to Passing
- Complete 500+ practice questions
- Score 80%+ consistently before scheduling
- Focus on highest-weighted sections
- Use our AI tutor for tough concepts
HKSI Paper 1 Study Tips from Top Performers
Frequently Asked Questions
How many questions are on HKSI Paper 1 and how long is it?
Paper 1 has 60 multiple-choice questions and you have 90 minutes to answer them. Each question has one correct answer and there is no negative marking.
What is the pass mark for HKSI Paper 1?
The pass mark is 70%, so you must answer at least 42 of the 60 questions correctly to pass Paper 1.
What does Paper 1 cover?
Paper 1, Fundamentals of Securities and Futures Regulation, covers nine topics: the regulatory framework and SFC/HKEX, Hong Kong law and the Companies Ordinance, the Securities and Futures Ordinance, licensing and capital, business conduct, business operations, the exchanges, accessing public capital and market misconduct.
Who administers HKSI Paper 1?
The Hong Kong Securities and Investment Institute (HKSI Institute) administers the Licensing Examination, including Paper 1. The Securities and Futures Commission (SFC) is the statutory regulator whose competence requirements the examination helps satisfy.
How much does Paper 1 cost?
The examination fee is HK$1,630 at a Hong Kong examination centre or HK$2,050 at a global examination centre. Fees are set by the HKSI Institute and may change, so check the official site before booking.
How is Paper 1 different from Papers 2 to 16?
Paper 1 covers the fundamentals of securities and futures regulation that apply across the industry. Papers 2 onwards specialise by regulated activity, such as dealing in securities, dealing in futures contracts, asset management and advising on corporate finance.