Paper 8: Securities

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

• SEHK: major features, market sectors, mainland exchanges
• Global securities markets: US, Europe, Asia
• Key factors: interest rates, FX, inflation, economic cycles, political
• Market indices: HSI, HS family, S&P/HKEX LargeCap, international
• Listing rules, listing methods, role of advisers
• HKEX hearing, road show, prospectus conventions, eIPO
• Secondary market: trading system, corporate actions, raising additional funds, clearing & settlement
• Market surveillance, reporting to investors, Exchange Participants

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 1: Dealing in securities (Recognised Industry Qualification)
• Type 4: Advising on securities (Recognised Industry Qualification)
• Type 8: Securities margin financing (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.