The Licensing Examination (LE) is the core qualifying examination for anyone seeking an SFC licence to carry on regulated activities in Hong Kong’s securities and futures industry. It is a series of papers covering regulatory knowledge and the practical side of each regulated activity — and you sit only the papers that match your role and activity type.
The Licensing Examination (LE) is the core qualifying examination for anyone seeking an SFC licence to carry on regulated activities in Hong Kong’s securities and futures industry. It is a series of papers covering regulatory knowledge and the practical side of each regulated activity — and you sit only the papers that match your role and activity type.
Computer-based, multiple-choice only. Paper 1 and Paper 7 are 60 MCQs in 90 minutes; most other papers are 40 MCQs in 60 minutes. Offered in English and Traditional Chinese, normally monthly.
Anyone applying to the SFC as a licensed representative or responsible officer for regulated activities — e.g. Type 1 securities dealing, Type 2 futures, Type 4/5 advising, Type 6 corporate finance, Type 9 asset management.
The foundation regulatory paper required for almost every SFC licence application — the licensing regime and core conduct principles under the SFO.
Regulatory paper for responsible officers in securities dealing (Type 1) — the rules governing securities dealing and advising.
Regulatory paper for responsible officers dealing in or advising on futures and other derivatives (Type 2).
Regulatory paper for responsible officers advising on corporate finance (Type 6) — listings, takeovers and corporate finance advice.
Regulatory paper for responsible officers in asset management (Type 9) — fund and discretionary account management rules.
The general practical paper required for most representative applications — the structure and operation of Hong Kong’s financial markets.
Practical paper for securities dealing representatives (Type 1) — day-to-day handling of securities transactions and accounts.
Practical paper for futures and derivatives dealing representatives (Type 2).
Practical paper for corporate finance representatives (Type 6).
Practical paper for asset management representatives (Type 9).
Confirm the exact paper combination for your regulated activity and role (representative vs responsible officer) before enrolling — sitting the wrong paper is a common, costly mistake.
Master Paper 1 first; it is the foundation required for almost every licence and underpins later papers.
Use the current HKSI Study Guide and check its effective date — syllabuses are updated periodically.
Practise with authentic mock questions to get used to the MCQ style and the 60/90-minute time pressure.
Plan your sittings inside the 3-year validity window so all required papers stay valid at application.