Paper 12: Asset Management

What this paper covers

This is a Practical Paper — what the SFC calls a Recognised Industry Qualification (RIQ). It tests industry knowledge, product structure and day-to-day practice.

Questions	40 multiple-choice
Time	60 minutes
Pass mark	70%
Delivery	Computer-based (CBE), in English or Traditional Chinese

Syllabus areas

• Licensing requirements for RA Type 9
• Fund Manager Code of Conduct: general principles
• Regulators and compliance obligations
• Exchange-traded funds (ETFs) and listed funds
• Real estate investment trusts (REITs)
• Hedge funds and alternative investment funds
• MPF and Occupational Retirement Schemes
• Asset allocation and risk management

A summary of the main areas. Chapter structure and question weighting follow the latest HKSI Institute study material.

Who needs this paper?

Licensed representatives for these regulated activities must pass it:

• Type 9: Asset management (Recognised Industry Qualification)

Full RA mapping and exemption rules: the complete SFC LE guide.

How to study for it

Practical papers test process and scenario judgement, so memorising statute gets you only so far. Map each product or process onto a timeline — who does what, when, and owing what duty — then use practice questions to check you can locate the role and obligation quickly under time pressure.

At 40 questions in 60 minutes you have roughly 90 seconds per question — practise under timed conditions.