100+ Free HKSI LE Paper 15 Practice Questions
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Key Facts: HKSI LE Paper 15 Exam
40 questions
Paper 15 has 40 multiple-choice questions
HKSI Institute - Licensing Examination overview
60 minutes
Time allowed for the 40-question computer-based paper
HKSI Institute - Licensing Examination overview
70% pass mark
Candidates need 28 of 40 correct to pass Paper 15
HKSI Institute - Licensing Examination overview
Type 6
Sponsor work falls under Type 6 regulated activity (advising on corporate finance)
HKSI Institute - LE Paper 15 & 16 Syllabus
6 topics
Syllabus spans general framework, Listing Rules/IPO, IPO assignment, listing application, due diligence and after issuance
HKSI Institute - LE Paper 15 & 16 Syllabus
20%-30%
Top weightings sit on Listing Rules/IPO, listing application and due diligence topics
HKSI Institute - LE Paper 15 & 16 Syllabus
Version 2.4
Current Paper 15 eStudy Manual, effective for exams from 30 November 2025
HKSI Institute - Updating Your Study Guides
100
Free original practice questions here
OpenExamPrep
HKSI Licensing Examination Paper 15 (Sponsors (Principals)) qualifies individuals to act as Principals or Responsible Officers for sponsor work in Type 6 regulated activity (advising on corporate finance). It is a 40-question multiple-choice computer-based examination of 60 minutes with a 70% pass mark (28 of 40). The syllabus has six topics — general framework, the Listing Rules and IPO process, preparation for an IPO assignment, preparation for a listing application, due diligence, and after prospectus issuance — with the heaviest weightings (20%-30%) on the Listing Rules/IPO process, listing-application preparation, and due diligence. Questions are based on the LE Paper 15 eStudy Manual (Version 2.4, effective 30 November 2025). This 100-question bank provides original practice across all six topics with full answer explanations.
Sample HKSI LE Paper 15 Practice Questions
Try these sample questions to test your HKSI LE Paper 15 exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.
1Under the Securities and Futures Ordinance, sponsor work for a Hong Kong IPO is conducted under which type of regulated activity?
2Which two regulators have principal oversight of the listing of securities and sponsor conduct in Hong Kong?
3What is the core purpose of the sponsor regulatory regime introduced by the SFC?
4Which code primarily sets out the conduct standards specifically applicable to a sponsor's corporate finance work?
5In a typical IPO syndicate, what is the main role of the underwriters?
6Following the SFC and SEHK reforms to the IPO sponsor and bookbuilding regime, the lead bookrunner appointed to coordinate the overall offering and exercise overall management is referred to as the:
7Which of the following best describes the gatekeeper responsibility of a sponsor?
8Under the sponsor regime, a firm must demonstrate it has at least how many Principals to be eligible to act as a sponsor?
9What is the principal role of a compliance adviser as distinct from a sponsor?
10Which statement about the SFC's powers over sponsors is correct?
About the HKSI LE Paper 15 Exam
HKSI Licensing Examination Paper 15 (Sponsors (Principals)) is the competence examination for individuals who wish to act as Principals or Responsible Officers in sponsor work for Type 6 regulated activity (advising on corporate finance) in Hong Kong. The paper tests the sponsor regulatory regime, the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the Listing Rules) and the IPO process, preparation for IPO assignments and listing applications, due diligence on a listing applicant, and the sponsor's responsibilities after prospectus issuance. Paper 15 covers the entire syllabus, including the Principal-only expected learning outcomes that are omitted from Paper 16 (Sponsors (Representatives)). Examination questions are based on the HKSI Institute LE Paper 15 eStudy Manual, with the current syllabus and Version 2.4 manual effective from 30 November 2025.
Assessment
40 multiple-choice questions across six syllabus topics: General framework; The Listing Rules and the IPO listing process; Preparation for an IPO assignment; Preparation for a listing application; Due diligence; and After prospectus issuance. Paper 15 covers the entire syllabus and all expected learning outcomes.
Time Limit
60 minutes for all 40 multiple-choice questions in one computer-based session.
Passing Score
70% (28 out of 40 correct). The same pass mark applies to every Licensing Examination paper.
Exam Fee
HKD1,930 at the Hong Kong Examination Centre or HKD2,350 at global examination centres (HKSI Institute published fees for examinations from late 2025; confirm the current fee on enrolment). (Hong Kong Securities and Investment Institute (HKSI Institute))
HKSI LE Paper 15 Exam Content Outline
General framework
Background to the sponsor regulatory regime and its role in Hong Kong's primary market; the role of the sponsor and related parties such as underwriters, overall coordinators and compliance advisers; the Corporate Finance Adviser Code of Conduct; licensing and registration requirements for Principals; and the powers of the SFC and the Stock Exchange of Hong Kong (SEHK).
The Listing Rules and the IPO listing process
Methods of listing and offering mechanisms; the basic criteria for initial and secondary listing of equity securities on the SEHK; the content requirements for listing documents; the IPO process and timetable; key regulatory requirements for financial reporting and ongoing obligations; and mechanisms such as allocation, clawback and price stabilisation.
Preparation for an IPO assignment
The resources, systems and internal controls a sponsor must have to accept and execute an IPO engagement; record-keeping obligations; reporting lines; usual procedures for vetting proposed new mandates; the functional role of Principals and Transaction Teams; and the scope of a sponsor's authority as manager of an IPO.
Preparation for a listing application
How a sponsor obtains an assignment and the engagement terms required; working with multiple sponsors and Transaction Teams; assessing sponsor independence and impartiality; assessing a listing applicant's suitability, including special rules for PRC issuers; ESG standards expected by HKEX; and the sponsor's disclosure obligations to regulators.
Due diligence
The laws and rules governing the listing document-cum-prospectus; the concept, planning and conduct of a due diligence exercise; adopting an attitude of professional scepticism; the role of verification; special requirements for the use of experts and other third parties; and preparing the Management Discussion and Analysis (MD&A).
After prospectus issuance
The relevance of integrity and ethics in the marketplace; the role of the compliance adviser in a listed issuer's continuing compliance; deficiencies in sponsor work and inadequacies in resources, systems and controls identified by the SFC; and the types of SFC enforcement that may follow deficient sponsor work.
How to Pass the HKSI LE Paper 15 Exam
What You Need to Know
- Passing score: 70% (28 out of 40 correct). The same pass mark applies to every Licensing Examination paper.
- Assessment: 40 multiple-choice questions across six syllabus topics: General framework; The Listing Rules and the IPO listing process; Preparation for an IPO assignment; Preparation for a listing application; Due diligence; and After prospectus issuance. Paper 15 covers the entire syllabus and all expected learning outcomes.
- Time limit: 60 minutes for all 40 multiple-choice questions in one computer-based session.
- Exam fee: HKD1,930 at the Hong Kong Examination Centre or HKD2,350 at global examination centres (HKSI Institute published fees for examinations from late 2025; confirm the current fee on enrolment).
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 LE Paper 15 Study Tips from Top Performers
Frequently Asked Questions
How many questions are on HKSI LE Paper 15 and how long is it?
Paper 15 has 40 multiple-choice questions and you have 60 minutes to complete them in a single computer-based session. There is no negative marking, so attempt every question.
What is the pass mark for Paper 15?
The pass mark is 70%, which is 28 correct answers out of 40. The same 70% standard applies to all HKSI Licensing Examination papers.
What is the difference between Paper 15 and Paper 16?
Paper 15 (Sponsors (Principals)) covers the entire syllabus and all expected learning outcomes. Paper 16 (Sponsors (Representatives)) covers the same six topics but omits the Principal-only learning outcomes. Paper 15 is for those acting as Principals or Responsible Officers in sponsor work.
Which regulated activity does Paper 15 relate to?
Sponsor work falls under Type 6 regulated activity (advising on corporate finance). Paper 15 is the competence examination for individuals who wish to act as Principals or Responsible Officers for sponsor work in Hong Kong IPOs.
What study material are the exam questions based on?
Examination questions are based on the HKSI Institute LE Paper 15 eStudy Manual. The current syllabus and eStudy Manual Version 2.4 are effective for examinations from 30 November 2025.
Are these official HKSI Institute practice questions?
No. These are original OpenExamPrep questions modelled on the published Paper 15 syllabus and expected learning outcomes. The HKSI Institute publishes the official syllabus, eStudy Manual and examination separately.