Paper 19: Depositary Services for Collective Investment Schemes

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

• The fund management industry in Hong Kong
• Participants in the fund industry
• Major types of managed funds
• Investment strategy: active and passive management
• Custody functions: registration, custody, safekeeping and settlement
• Asset transfer, cash reconciliation and distribution payment
• CIS operations: scheme documents, valuation and pricing
• Registration, issue, subscription and redemption of units/shares

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 13: Depositary services for relevant CIS (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.