HKSI LE — All 17 Papers (2026)

Which 17 papers are actually offered?

The HKSI Licensing Examination (LE) syllabus is set by the Securities and Futures Commission (SFC) and the exam is administered by the Hong Kong Securities and Investment Institute (HKSI Institute). The papers currently offered are Papers 1–12 and Papers 15–19 — 17 in total.

Papers 13 and 14 do not yet exist. They will be introduced when the new licensing regime for Type 12 RA (providing client clearing services for OTC derivative transactions) takes effect. Many third-party sources still list 13 and 14 as current papers — always confirm against HKSI Institute before enrolling.

Regulatory Papers (Local Regulatory Framework Papers)

These test the Hong Kong regulatory framework. The SFC's Guidelines on Competence calls them Local Regulatory Framework Papers (LRP). Except for Types 3 and 7, the LRP requirement is always Paper 1.

Paper	Title	Questions	Time
Paper 1	Fundamentals of Securities and Futures Regulation	60	90 min
Paper 2	Regulation of Securities	40	60 min
Paper 3	Regulation of Derivatives	40	60 min
Paper 4	Regulation of Credit Rating Services	40	60 min
Paper 5	Regulation of Corporate Finance	40	60 min
Paper 6	Regulation of Asset Management	40	60 min
Paper 18	Regulation of Providing Depositary Services	40	60 min

Practical Papers (Recognised Industry Qualifications)

These test industry knowledge and practice. The SFC calls them Recognised Industry Qualifications (RIQ), and the required paper depends on the regulated activity.

Paper	Title	Questions	Time
Paper 7	Financial Markets	60	90 min
Paper 8	Securities	40	60 min
Paper 9	Derivatives	40	60 min
Paper 10	Credit Rating Services	40	60 min
Paper 11	Corporate Finance	40	90 min
Paper 12	Asset Management	40	60 min
Paper 19	Depositary Services for Collective Investment Schemes	40	60 min

Additional Competence Requirements Papers

Extra competence requirements for specific business lines — not required of everyone. Type 6 (corporate finance) staff doing sponsor work take Paper 15 (principals) or Paper 16 (representatives); those handling Takeovers Code and share buy-back matters also take Paper 17.

Paper	Title	Questions	Time
Paper 15	Sponsors (Principals)	40	60 min
Paper 16	Sponsors (Representatives)	40	60 min
Paper 17	Regulation of Takeovers and Share Buy-backs	40	60 min

Papers 13 and 14

• Paper 13: Not yet introduced — will launch when the new licensing regime for Type 12 RA (providing client clearing services for OTC derivative transactions) takes effect.
• Paper 14: Not yet introduced — same as Paper 13, tied to the Type 12 RA regime.

Exam format and pass standard

• All papers are computer-based (CBE) multiple-choice
• Pass mark: 70% for each paper
• Papers 1 and 7: 60 questions / 90 minutes. Paper 11: 40 questions / 90 minutes. All others: 40 questions / 60 minutes
• Available in English and Traditional Chinese
• Each paper is enrolled for and passed independently; no limit on resits

How do I pick my papers?

Start from the regulated activity (RA) you intend to carry on, then take the LRP and RIQ papers it requires. For example Type 1 (dealing in securities) is Papers 1 + 7 + 8; Type 2 (dealing in futures contracts) is Papers 1 + 7 + 9; Type 9 (asset management) is Papers 1 + 7 + 12.

Full mapping and exemption rules are in the complete SFC LE guide; common questions in the FAQ.