Hong Kong Securities & Futures Licensing
HKSI Licensing Examination (SFC LE)
港試通: 證券牌照 · PrepLicense
Free practice questions for the HKSI Licensing Examination (LE), covering all 17 papers across regulation, market knowledge and product practice. Every question and explanation is provided in both English and Traditional Chinese. Exam FAQ →
About the HKSI Licensing Examination
The HKSI Licensing Examination (LE) is set by the Securities and Futures Commission (SFC) and administered by the Hong Kong Securities and Investment Institute (HKSI Institute). Anyone seeking to be licensed or registered for SFC Regulated Activities (RA 1–13) must pass the specific combination of papers required for their RA as a statutory competence requirement.
Paper types overview (17 papers)
- Regulation papers: securities, futures, margin financing, corporate finance, collective investment schemes, asset management, depositary services — covering rules and compliance requirements for each line of business
- Practice papers: financial markets, securities, futures & options, corporate finance, collective investment schemes, asset management, depositary services — business knowledge and day-to-day practice
- Common core: Paper 1 — Fundamentals of Securities and Futures Regulation, required for every RA applicant
Specific RA-to-paper mapping, exemptions for professional credentials (CFA, CPA etc.), and per-paper question count, time limit and pass mark follow the HKSI Institute's latest examination handbook. Exam FAQ → Independent study aid. Not affiliated with the SFC or the HKSI Institute.
A look inside the app
Practice questions, instant explanations, mock exams and learning analytics — everything you need to prepare, in one app.
HKSI Licensing Examination — 17 Papers
Fundamentals of Securities and Futures Regulation
Regulation of Securities
Regulation of Derivatives
Regulation of Credit Rating Services
Regulation of Corporate Finance
Regulation of Asset Management
Financial Markets
Securities
Derivatives
Credit Rating Services
Corporate Finance
Asset Management
Sponsors (Principals)
Sponsors (Representatives)
Regulation of Takeovers and Share Buy-backs
Regulation of Providing Depositary Services
Depositary Services for Collective Investment Schemes
Paper 1 — 9 Syllabus Parts · Free Practice
Paper 1, “Fundamentals of Securities and Futures Regulation”, is the common compulsory regulation paper for every RA applicant. Each part below offers 2 free sample questions (identical to the app's free preview for non-paying users), with instant answers and explanations.
Overview of Regulation of the HK Financial Industry
HK Legal Principles & the Companies Ordinance
The Securities and Futures Ordinance (SFO)
Licensing, Registration & Subsidiary Legislation
Business Conduct & Client Relationships
Business Operations & Practices
Participating in the HKEX Markets
Accessing the Public Capital Markets
Market Misconduct & Improper Trading Practices
Why PrepLicense
Independent
Independently developed. Not affiliated with the SFC or HKSI Institute — built purely for candidates.
Fully bilingual
Every question and explanation in both English and Traditional Chinese — prepare in whichever language you'll sit the exam in.
Aligned with the syllabus
Questions written against HKSI Institute's official Study Manuals, covering all 17 papers' regulation and product knowledge.
Works offline
The question bank is stored on-device — practice anywhere, no connection required.
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Complete question bank, mock exams and progress analytics across all 17 HKSI Licensing Examination papers — aligned with official syllabus and related regulations, every explanation in English and Chinese.
Independent study aid. Not affiliated with or endorsed by the Securities and Futures Commission (SFC) or the Hong Kong Securities and Investment Institute (HKSI Institute).
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