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100+ Free HKSI Paper 6 Practice Questions

Pass your HKSI Licensing Examination Paper 6 - Regulation of Asset Management exam on the first try — instant access, no signup required.

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Key Facts: HKSI Paper 6 Exam

40 questions

Paper 6 has 40 multiple-choice questions

HKSI Institute - Licensing Examination overview

60 minutes

Time limit for the Paper 6 examination

HKSI Institute - Licensing Examination overview

70% pass mark

Candidates must score at least 70% (28 of 40) to pass

HKSI Institute - LE examination regulations

Type 9

Paper 6 supports SFC licensing for Type 9 asset management regulated activity

HKSI Institute - LE Paper 6 syllabus

4 topics

Syllabus covers regulatory framework, back-office compliance, asset management regulations and misconduct

HKSI Institute - LE Paper 6 syllabus

HKD 1,930

Examination fee for Hong Kong Examination Centre or Remote Examination

HKSI Institute - examination fees

HKD 2,350

Examination fee for Global Examination Centres

HKSI Institute - examination fees

Computer-based

Paper 6 is delivered as a computer-based multiple-choice examination

HKSI Institute - Licensing Examination overview

HKSI Licensing Examination Paper 6 - Regulation of Asset Management is the HKSI Institute licensing paper for individuals seeking SFC licensing for Type 9 (asset management) regulated activity. It is a computer-based, multiple-choice examination of 40 questions in 60 minutes, with a 70% pass mark (28 of 40 correct). The syllabus has four topics: general regulatory framework, back-office compliance, asset management regulations (the largest topic, covering the Fund Manager Code of Conduct, the SFC Code on Unit Trusts and Mutual Funds and discretionary accounts), and misconduct. The examination fee is HKD 1,930 for the Hong Kong Examination Centre or Remote Examination, or HKD 2,350 for Global Examination Centres. This 100-question bank provides original practice modelled on the Paper 6 syllabus with full explanations.

Sample HKSI Paper 6 Practice Questions

Try these sample questions to test your HKSI Paper 6 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 (SFO), which type of regulated activity is asset management?
A.Type 1
B.Type 4
C.Type 6
D.Type 9
Explanation: Asset management is Type 9 regulated activity under Schedule 5 of the SFO. A person who carries on a business of managing a portfolio of securities or futures contracts for clients generally needs to be licensed or registered for Type 9.
2Which body is the statutory regulator of the securities and futures markets in Hong Kong and grants licences for regulated activities?
A.The Securities and Futures Commission (SFC)
B.The Hong Kong Monetary Authority (HKMA)
C.The HKSI Institute
D.The Hong Kong Exchanges and Clearing (HKEX)
Explanation: The SFC is the independent statutory body that regulates Hong Kong's securities and futures markets and licenses corporations and individuals for regulated activities under the SFO. It also authorises collective investment schemes for public offering.
3A 'collective investment scheme' (CIS) under the SFO generally has all of the following features EXCEPT:
A.Participants do not have day-to-day control over the management of the property
B.The property is managed as a whole by or on behalf of the operator
C.Contributions and profits are pooled
D.Each participant individually directs the buying and selling of each underlying security
Explanation: A CIS is characterised by pooling of contributions, management of the property as a whole, and participants not having day-to-day control. If each participant individually directs each trade, the property is not managed as a whole and it is not a CIS.
4Before a collective investment scheme may be offered to the public in Hong Kong, what is generally required?
A.Listing on HKEX
B.Authorisation of the scheme by the SFC
C.Approval by the HKMA
D.Registration with the Companies Registry only
Explanation: Under the SFO it is an offence to issue documents to offer a CIS to the public in Hong Kong unless the scheme is authorised by the SFC (or an exemption applies). Authorisation is granted against the SFC product codes such as the Code on Unit Trusts and Mutual Funds.
5An open-ended fund company (OFC) in Hong Kong is best described as:
A.A unit trust constituted by a trust deed
B.A corporate fund vehicle with variable capital used as an investment fund
C.A limited partnership fund
D.A segregated cell of an insurance company
Explanation: An OFC is a corporate fund vehicle with limited liability and variable share capital, established under the SFO to operate as a collective investment scheme. Its shares can be issued and redeemed to meet investor subscriptions and redemptions.
6Which document of an authorised fund is the main offering document that must contain information necessary for investors to make an informed judgement?
A.The trust deed or instrument of incorporation
B.The prospectus or explanatory memorandum
C.The annual report
D.The product key facts statement only
Explanation: The prospectus (or explanatory memorandum) is the principal offering document and must contain the information necessary for investors to make an informed judgement, including investment objective, policy, risks, fees and dealing arrangements.
7A Product Key Facts Statement (KFS) for an SFC-authorised fund is primarily intended to:
A.Replace the full prospectus
B.Provide a concise summary of key features and risks in plain language
C.Set out the fund's audited financial statements
D.Record the manager's internal compliance procedures
Explanation: The KFS is a short, plain-language document summarising key features, risks, fees and dealing information so investors can quickly understand the product. It accompanies but does not replace the full offering document.
8Under the SFO, a person who actively markets to the Hong Kong public services that would constitute a regulated activity if carried on in Hong Kong:
A.Is automatically exempt because the marketing is from overseas
B.May be regarded as carrying on a regulated activity and required to be licensed
C.Only needs to notify the HKMA
D.Is regulated solely by the home jurisdiction
Explanation: The SFO 'active marketing' provision means that a person who actively markets relevant services to the Hong Kong public can be treated as carrying on a regulated activity in Hong Kong and so may require an SFC licence, even if based overseas.
9A licensed corporation must appoint at least how many Responsible Officers for each regulated activity it conducts?
A.One
B.At least two
C.At least three
D.No minimum is specified
Explanation: For each regulated activity, a licensed corporation must appoint at least two Responsible Officers (ROs) to directly supervise that activity, and at least one of them must be an executive director, available at all times to supervise the business.
10Which of the following best describes a 'fit and proper' assessment by the SFC?
A.A test of the applicant's net worth only
B.An assessment of financial status, qualifications, reputation, character and reliability
C.A review of trading performance over five years
D.A check of academic grades only
Explanation: The fit and proper test considers a person's financial status, educational and other qualifications, ability to carry on the activity competently, honestly and fairly, and reputation, character, reliability and financial integrity. It applies to licence applicants and licensees on an ongoing basis.

About the HKSI Paper 6 Exam

HKSI Licensing Examination Paper 6 - Regulation of Asset Management is one of the Hong Kong Securities and Investment Institute Licensing Examinations recognised by the Securities and Futures Commission (SFC) for licensing in Type 9 (asset management) regulated activity. The paper tests the regulatory framework that applies to fund managers under the Securities and Futures Ordinance, including the authorisation of collective investment schemes, the operation of open-ended fund companies, back-office compliance and reporting obligations, the Fund Manager Code of Conduct, the SFC Code on Unit Trusts and Mutual Funds, the management of discretionary accounts, and prohibited conduct such as the disclosure of false information and churning. The examination is computer-based, consists of 40 multiple-choice questions to be completed in 60 minutes, and requires a 70% pass mark.

Assessment

40 multiple-choice questions drawn from four syllabus topics: general regulatory framework, back-office compliance, asset management regulations and misconduct. Each question has one correct answer.

Time Limit

60 minutes for the 40 multiple-choice questions.

Passing Score

70% (at least 28 of 40 questions correct).

Exam Fee

HKD 1,930 for the Hong Kong Examination Centre or Remote Examination, or HKD 2,350 for Global Examination Centres (HKSI Institute fees, subject to change). (Hong Kong Securities and Investment Institute (HKSI Institute))

HKSI Paper 6 Exam Content Outline

25%

General Regulatory Framework

Covers the Securities and Futures Ordinance, Type 9 (asset management) regulated activity, the role of the SFC, the authorisation of collective investment schemes, open-ended fund companies (OFCs), distributors and online sales platforms, and anti-money-laundering and counter-terrorist-financing requirements that apply to fund managers.

20%

Back-office Compliance

Covers notifications and reporting to the SFC, self-reporting of breaches and material changes, client securities and client money rules, account statements and contract notes, record keeping, and the governance, custody and administration arrangements for OFCs and authorised funds.

45%

Asset Management Regulations

The largest topic. Covers the Fund Manager Code of Conduct, the SFC Code on Unit Trusts and Mutual Funds, the management of discretionary accounts, conflicts of interest and staff dealing, cross trades and best execution, fund valuation and pricing, investment and borrowing limitations, REITs, securities lending and repo, and liquidity risk management.

10%

Misconduct

Covers prohibited conduct, including the disclosure of false or misleading information to clients or the SFC, churning and excessive trading in discretionary accounts, and the consequences of breaching the conduct requirements that apply to fund managers.

How to Pass the HKSI Paper 6 Exam

What You Need to Know

  • Passing score: 70% (at least 28 of 40 questions correct).
  • Assessment: 40 multiple-choice questions drawn from four syllabus topics: general regulatory framework, back-office compliance, asset management regulations and misconduct. Each question has one correct answer.
  • Time limit: 60 minutes for the 40 multiple-choice questions.
  • Exam fee: HKD 1,930 for the Hong Kong Examination Centre or Remote Examination, or HKD 2,350 for Global Examination Centres (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 6 Study Tips from Top Performers

1Anchor your study in the HKSI Institute LE Paper 6 eStudy Guide, but read the underlying Fund Manager Code of Conduct and the SFC Code on Unit Trusts and Mutual Funds so you recognise the exact wording the questions test.
2Learn the definition and scope of Type 9 (asset management) regulated activity and how it differs from related types such as Type 1 (dealing in securities) and Type 4 (advising on securities).
3Spend most of your time on the asset management regulations topic, especially the Fund Manager Code of Conduct provisions on conflicts of interest, staff dealing, cross trades, valuation and liquidity risk management.
4Memorise the key reporting triggers and timeframes for notifications to the SFC and the self-reporting of breaches, because these are common factual questions.
5Be precise about client securities and client money rules and how they apply to assets held for collective investment schemes and discretionary accounts.
6Practise scenario questions on misconduct such as churning and the disclosure of false information, and be ready to identify which rule or code provision has been breached.

Frequently Asked Questions

How many questions are on HKSI Paper 6 and how long is the exam?

Paper 6 has 40 multiple-choice questions and a time limit of 60 minutes. Each question has one correct answer, and the examination is computer-based.

What is the pass mark for HKSI Paper 6?

The pass mark is 70%, so you must answer at least 28 of the 40 questions correctly. Results are reported as pass or fail.

What regulated activity does Paper 6 cover?

Paper 6 supports licensing for Type 9 (asset management) regulated activity under the Securities and Futures Ordinance. It focuses on the regulatory framework that applies to fund managers and discretionary account managers.

Which codes and rules are tested in Paper 6?

Key materials include the Fund Manager Code of Conduct, the SFC Code on Unit Trusts and Mutual Funds, the rules on client securities and client money, the open-ended fund company regime, and anti-money-laundering requirements.

How much does HKSI Paper 6 cost?

The HKSI Institute examination fee is HKD 1,930 for the Hong Kong Examination Centre or Remote Examination, or HKD 2,350 for Global Examination Centres. Fees are set by the HKSI Institute and can change.

Are these official HKSI or SFC examination questions?

No. These are original OpenExamPrep practice questions modelled on the published Paper 6 syllabus. The HKSI Institute provides the official eStudy Guide and examination separately.