HKSI Licensing Examination
Introduction
The Licensing Examination for Securities and Futures Intermediaries (LE), a practical and market-focused examination for individuals who wish to pursue their careers in the securities and investment industry in Hong Kong. The Securities and Futures Ordinance provides for the implementation of the single licensing regime with 10 types of regulated activity (RA). An individual will need one licence or registration to carry on different types of RA. The LEs have been recognised by the Securities and Futures Commission (SFC) for meeting the competence requirements for individuals in relation to the applications for licences as Representatives and/or Responsible Officers.
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TypeRegulated Activities(RA)
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1dealing in securities
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2dealing in futures contracts
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3leveraged foreign exchange trading
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4advising on securities
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5advising on securities
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6advising on corporate finance
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7providing automated trading services
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8securities margin financing
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9asset management
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10providing credit rating services
| Type | Regulated Activities(RA) |
|---|---|
| 1 | dealing in securities |
| 2 | dealing in futures contracts |
| 3 | dealing in futures contracts |
| 4 | dealing in futures contracts |
| 5 | advising on securities |
| 6 | advising on corporate finance |
| 7 | providing automated trading services |
| 8 | securities margin financing |
| 9 | asset management |
| 10 | providing credit rating services |
Certificate
Upon the successful completion of a preset combination of examinations within 3 years (the 3-year period will commence from the date of the first LE paper that the candidate passes), candidates will be awarded the HKSI Institute Certificate.
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CombinationCertificates
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LE Papers 1+7+8HKSI Institute Practising Certificate - Securities
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LE Papers 1+7+9HKSI Institute Practising Certificate - Derivatives
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LE Papers 1+7+12HKSI Institute Practising Certificate - Asset Management
| Combination | Certificates |
|---|---|
| LE Papers 1+7+8 | HKSI Institute Practising Certificate - Securities |
| LE Papers 1+7+8 | HKSI Institute Practising Certificate - Securities |
| LE Papers 1+7+8 | HKSI Institute Practising Certificate - Securities |
The aforesaid three-year completion period will NOT be extended under any circumstances. All certificates, including both HKSI Institute Practising Certificates and HKSI Institute Specialist Certificates, will be issued to the eligible candidates ONCE only within the three-year completion period.
Recongnitions
Hong Kong
HKSI Practising Certificates and HKSI Specialist Certificates, which are granted to candidates who have completed a preset combination of LE examination papers, are recognised by the Insurance Authority (IA) of Hong Kong. Holders of either of these certificates are exempted from taking the "Investment-linked Long Term Insurance Examination" of the Insurance Intermediaries Quality Assurance Scheme (IIQAS).
International
Association of International Wealth Management (AIWM)LE Paper 1 has been recognised by the Association of International Wealth Management (AIWM) as a substitution of Regional Paper (i.e. Local laws and regulations) of the Certified International Wealth Manager (CIWM®) Final Examination in Hong Kong.
Chartered Institute for Securities & Investment's (CISI)LE Paper 1 is recognised as a suitable replacement of the Chartered Institute for Securities & Investment's (CISI) Investment Operations Certificate (IOC) regulatory unit. The IOC is awarded on the completion of 3 IOC units. HKSI Institute's individual members or market practitioners who have successfully completed the LE Paper 1 are required to take only 2 IOC units to attain the certification.
Prerequisites
There are no prerequisites for enrolling in the LE.
Exam Format
LEs conduct in Taiwan including the following papers：
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Regulatory Papers
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Paper 1Fundamentals of Securities and Futures Regulation
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Paper 2Regulation of Securities
| Regulatory Papers | |
|---|---|
| Paper 1 | Fundamentals of Securities and Futures Regulation |
| Paper 2 | Regulation of Securities |
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Practical Papers
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Paper 7Financial Markets
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Paper 8Securities
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Paper 9Derivatives
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Paper 10Asset Management
| Regulatory Papers | |
|---|---|
| Paper 7 | Financial Markets |
| Paper 8 | Securities |
| Paper 9 | Derivatives |
| Paper 10 | Asset Management |