证券期货

HKSI Licensing Examination: Which Papers Do You Need? RA Mapping, All 17 Papers and Official Pass Rates | 2026

PickMyQuiz
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HKSI Licensing Examination: Which Papers Do You Need? RA Mapping, All 17 Papers and Official Pass Rates | 2026

搜「HKSI」、「證券牌考試」或者「sfc 1號牌考試」嘅人,十居其九想知同一件事:我究竟要考邊幾張卷?呢個問題冇一個統一答案——證券及期貨從業員資格考試(HKSI Licensing Examination,簡稱 LE)合共十七張卷,你要考邊幾張,取決於你申請邊類受規管活動(Regulated Activity,RA),以及你係持牌代表(LR)負責人員(RO)。本文按香港證券及投資學會官方資料整理完整對照表,再用官方公布嘅合格率同 PickMyQuiz 三個 HKSI 題庫累計 279,882 次練習作答,告訴你邊張卷紙上最難、邊張實際操落去最難——兩者唔一樣。

一、HKSI LE 同 SFC 牌照嘅關係

證監會(SFC)發牌,香港證券及投資學會(HKSI Institute)辦考試。你考 LE 唔等於攞到牌——LE 係證監會《勝任能力指引》下證明本地監管知識及認可行業資格嘅考試途徑;通過之後仍然要向證監會提交牌照申請,並符合學歷、行業經驗同適當人選(fit and proper)要求。下表列嘅係一般標準路徑,個別申請人可能因其他認可資格或指引第 4.4 段嘅豁免而唔使考齊全部卷。

牌照分兩個身分,考卷要求唔同:

  • 持牌代表(Licensed Representative,LR)——實際執行受規管活動嘅前線人員。
  • 負責人員(Responsible Officer,RO)——負責監督該項受規管活動嘅人。RO 要喺 LR 嘅卷數之上,再加一張對應嘅規例卷

二、RA 對照表:你要考邊幾張

呢張表係全篇最重要嘅一節,亦係坊間最多寫錯嘅地方。以下按 HKSI 官方資格考試概覽列出嘅一般路徑整理:

受規管活動 持牌代表(LR) 負責人員(RO)
第 1、4、8 類
證券交易/就證券提供意見/證券保證金融資
卷一 + 卷七 + 卷八卷一 + 卷二 + 卷七 + 卷八
第 2、5 類
期貨合約交易/就期貨合約提供意見
卷一 + 卷七 + 卷九卷一 + 卷三 + 卷七 + 卷九
第 6 類
就機構融資提供意見
卷一 + 卷七 + 卷十一卷一 + 卷五 + 卷七 + 卷十一
第 9 類
提供資產管理
卷一 + 卷七 + 卷十二卷一 + 卷六 + 卷七 + 卷十二
第 10 類
提供信貸評級服務
卷一 + 卷七 + 卷十卷一 + 卷四 + 卷七 + 卷十
第 13 類
為集體投資計劃提供存管服務
卷一 + 卷七 + 卷十九卷一 + 卷十八 + 卷七 + 卷十九

兩個最多人寫錯嘅位

  • 第 1/4/8 類嘅標準路徑唔止兩張卷。好多備試資料寫「卷一 + 卷七」就算——官方表列係 卷一 + 卷七 + 卷八;負責人員再加卷二。實際要求仍要連同個人資格及適用豁免一併確認。
  • 第 9 類用卷十二,唔係卷九。卷九係《衍生工具》,配第 2、5 類;第 9 類(資產管理)對應嘅應用卷係卷十二《資產管理》

另外要留意:官方呢張表冇列第 3 類(槓桿式外匯交易),因為 HKSI 冇為第 3 類提供考卷;第 7 類(提供自動化交易服務)則冇本地監管架構試卷及認可行業資格要求。第 11、12 類涉及場外衍生工具,相關制度及考卷仍待生效。唔好自行由其他類別推導,實際要求以 HKSI 概覽及證監會最新指引為準。

三、17 張卷完整規格

全部十七張卷合格線一律 70%,全部電腦應考(CBE),試題中英對照。

名稱題數時限香港試場環球試場
基本證券及期貨規例6090 分鐘$1,800$2,250
證券規例4060 分鐘$2,000$2,450
衍生工具規例4060 分鐘$2,000$2,450
信貸評級服務規例4060 分鐘$2,000$2,450
機構融資規例4060 分鐘$2,000$2,450
資產管理規例4060 分鐘$2,000$2,450
金融市場6090 分鐘$1,620$2,070
證券4060 分鐘$1,620$2,070
衍生工具4060 分鐘$1,620$2,070
信貸評級服務4060 分鐘$1,620$2,070
十一機構融資4090 分鐘$1,620$2,070
十二資產管理4060 分鐘$1,620$2,070
十五保薦人(主要人員)4060 分鐘$2,000$2,450
十六保薦人(代表)4060 分鐘$2,000$2,450
十七公司收購及股份回購規例4060 分鐘$2,000$2,450
十八存管服務規例4060 分鐘$2,000$2,450
十九集體投資計劃存管服務4060 分鐘$2,000$2,450

三個容易忽略嘅細節:卷一同卷七係現行 LE 僅有嘅兩張 60 題卷(其餘全部 40 題);卷十一係唯一一張 40 題但畀足 90 分鐘嘅卷,時間壓力明顯細啲;而現行 LE 未包括卷十三、卷十四。HKSI 概覽註明,兩卷會喺第 12 類新發牌制度開始後提供,所以唔應寫成永久不存在。

卷別分三組:規例試卷(一、二、三、四、五、六、十八)、應用試卷(七、八、九、十、十一、十二、十九)、額外勝任能力規定試卷(十五、十六、十七)。

四、官方合格率:卷一先係最難嗰張

HKSI 同 PEAK 主辦嘅考試有一個關鍵分別:HKSI 逐月公布每張卷嘅真實合格率,而 IIQE、MPFE 從來冇公布過。呢啲係難得嘅硬數據。

2025 年 7 月至 2026 年 6 月滾動十二個月:卷一 51.9%,全部十七張卷之中最低;最高係卷十五(保薦人主要人員)87.12%。

想逐月比較全部卷、睇每張卷嘅高低月份,可以用 HKSIPapers 嘅官方合格率歷史資料庫;嗰邊保留每月 snapshot,本文就集中處理選卷同練習次序。

卷一係 HKSI 官方表列多個主要受規管活動標準路徑嘅共同本地監管架構試卷,亦係合格率最低嗰張——即係話對大部分循標準路徑嘅考生嚟講,第一關就係最難嗰關。先啃卷一、再處理相應應用卷,係有數據支持嘅次序。

五、279,882 次練習作答:難度排序倒轉咗

官方合格率反映嘅係「入到試場嗰批人」嘅表現——已經溫好書先去考。練習階段嘅畫面好唔同。以下係 PickMyQuiz 三個 HKSI 題庫嘅累計作答紀錄:

試卷題庫題數練習作答次數練習答對率
卷八 證券1,63252,76027.4%
卷七 金融市場1,59757,18531.9%
卷一 基本證券及期貨規例2,195169,93748.8%

官方合格率同練習答對率講緊兩件唔同嘅事。官方數據話你知卷一最難考過;練習數據話你知卷七、卷八一開始操落去最唔順手。合理解讀係:卷一範圍最闊、題量最大,但係規則框架反覆分類之後會穩定落嚟;卷七卷八要處理定價、產品分類同市場關係,未建立概念之前錯得特別多。

課題級最弱嗰批(按實際作答次數計):

課題卷別題數作答次數答對率
證券類別卷八60919,17026.6%
證券市場管理卷八1725,49626.8%
證券投資概覽卷八2508,14827.5%
外匯及衍生工具市場卷七31310,73729.6%
債務市場卷七33311,65729.8%
發牌及註冊與附屬法例卷一48033,87943.9%

「發牌及註冊與附屬法例」係卷一入面作答次數最多、亦係答對率最低嘅課題——考卷一嘅人如果只夠時間操一個課題,就係呢個。

六、成績「三年過期」係唔準確嘅講法

坊間好常見一句:「HKSI 成績三年過期」。準確講法係——證監會《勝任能力指引》預期申請人喺遞交牌照申請前三年內通過相關考試,但指引明文容許接納三年之前取得嘅資格,例如申請人一直留喺業界,或者喺過去三年內曾經擔任該項受規管活動嘅持牌代表或負責人員。

換句話講,三年係一個預期而唔係一條硬性作廢線。長期喺行內嘅人唔會因為考卷年份耐咗就自動要重考——但個別情況以證監會裁定為準。

七、常見問題

Q1:HKSI 合格線幾多分?

全部十七張卷一律 70%。冇分卷別、冇浮動,全部電腦應考(CBE),試題中英對照。

Q2:想做證券經紀(第 1 類),最少要考幾張?

按官方一般標準路徑,持牌代表三張:卷一 + 卷七 + 卷八。如果要做負責人員,四張:卷一 + 卷二 + 卷七 + 卷八。已有其他認可資格或符合豁免條件者,實際要求可以不同。

Q3:卷七同卷八要唔要一齊考?點揀次序?

按第 1/4/8 類嘅標準路徑,卷七同卷八兩張都屬認可行業資格要求,唔係二選一。次序方面,官方合格率顯示卷一最難(51.9%),而練習數據顯示卷七卷八初期答對率最低(31.9% 同 27.4%)。實務上多數人先考卷一打好規例底,再處理卷七卷八嘅產品同市場概念。

Q4:第 9 類(資產管理)係咪考卷九?

唔係。第 9 類持牌代表考 卷一 + 卷七 + 卷十二;負責人員再加卷六。卷九《衍生工具》係配第 2、5 類嘅。呢個係最常見嘅寫錯位之一。

Q5:考幾錢?

香港試場:卷一 HK$1,800;卷七、八、九、十、十一、十二 HK$1,620;其餘規例卷及卷十五至十九 HK$2,000。環球試場每張約貴 HK$430–450。以第 1 類持牌代表(卷一 + 卷七 + 卷八)計,香港試場合共約 HK$5,040。

Q6:HKSI 同 IIQE(保險牌)邊個難?

兩者性質唔同。HKSI 全部卷合格線 70%,卷一官方合格率 51.9%;IIQE 各卷合格線同樣係 70%,但 PEAK 從來冇公布合格率。可以參考我哋嘅 HKSI 與 IIQE 難度比較,以及保險牌照全攻略

Q7:卷十三、卷十四喺邊?

現行 HKSI LE 未包括卷十三同卷十四。HKSI 官方概覽寫明,兩卷會喺第 12 類受規管活動嘅新發牌制度開始後提供;現階段任何備試資料如果將佢哋當成已開考,都要再向官方核實。

逐卷深入攻略

操 HKSI 卷一、卷七、卷八逾 5,400 題模擬題

按官方課題分類,附答案解析同錯題重溫。免費下載,隨時隨地操題。

本文由 PickMyQuiz 題庫團隊整理。受規管活動對照、各卷題數/時限/費用及 70% 合格線引自 HKSI 資格考試概覽;官方合格率引自 HKSI 考試合格率頁;成績時限及豁免界線引自證監會《勝任能力的指引》,以官方最新公告為準。練習數據來源:PickMyQuiz HKSI 卷一(QB120)、卷七(QB121)、卷八(QB122)模擬練習題庫,截至 2026 年 8 月 13 日累計 279,882 次作答,屬本站原創練習題嘅答對率,並非官方考試合格率。本題庫不含任何官方試題內容。

Practice Questions (10)

Questions from the same category. Reveal results after answering.

1. 在成員自動清盤程序中,關於「有償債能力證明書」的法定要求及法律效力,下列哪些描述是正確的? (i) 證明書必須聲明董事已對公司事務進行全面查訊,並形成公司能在清盤開始後不超過12個月內全數償還債務的意見 (ii) 證明書必須向公司註冊處處長交付登記 (iii) 證明書必須在通過清盤決議日期前的5個星期內發出 (iv) 若公司最終未能全數償還債務,發出證明書的董事必須個人承擔公司所有未償還的債務差額 In a members' voluntary winding-up procedure, which of the following descriptions regarding the statutory requirements and legal effect of a 'Declaration of Solvency' are correct? (i) The declaration must state that the directors have made a full inquiry into the affairs of the company and have formed the opinion that the company will be able to pay its debts in full within a period not exceeding 12 months from the commencement of the winding-up (ii) The declaration must be delivered to the Registrar of Companies for registration (iii) The declaration must be made within 5 weeks before the date of the passing of the resolution for winding-up (iv) If the company ultimately fails to pay its debts in full, the directors who made the declaration must personally bear all the outstanding debt balance of the company

multiple_choice

2. 根據香港《公司條例》的相關規定,若法院在訴訟過程中作出宣布,認為某公司的事務應由審查員進行調查,則法律規定應由下列哪一個職位或機構負責委任審查員,並由該審查員就調查結果提交報告? According to the relevant provisions of the Companies Ordinance of Hong Kong, if the court makes a declaration during legal proceedings that the affairs of a company should be investigated by an inspector, which of the following positions or bodies is legally responsible for appointing the inspector and receiving the report on the investigation findings?

multiple_choice

3. 根據香港法例第571H章《證券及期貨(客戶證券)規則》,持牌法團恒信資本在香港收到客戶存入的上市證券後,若該等證券並非直接交付予該客戶或根據其書面指示處置,則恒信資本必須履行下列哪一組法定要求以符合客戶資產保障的規定? (i) 必須在收到該等證券後的一個營業日內,將其存入獨立帳戶 (ii) 必須在收到該等證券後的兩個營業日內,將其存入於認可財務機構開立的獨立帳戶 (iii) 可將該等證券以有關客戶的名義,或以該中介人的有聯繫實體的名義登記 (iv) 必須在合理地切實可行的範圍內盡快,在香港將其存入一個指定為信託帳戶或客戶帳戶的獨立帳戶,而該帳戶須開立於認可財務機構、核准保管人,或另一獲發牌進行證券交易的中介人 Under the Securities and Futures (Client Securities) Rules (Cap. 571H) of Hong Kong, after the licensed corporation Hengxin Capital receives listed securities deposited by a client in Hong Kong, if such securities are not delivered directly to the client or disposed of in accordance with the client's written direction, which of the following groups of statutory requirements must Hengxin Capital satisfy in order to comply with the client asset protection requirements? (i) It must deposit them into a segregated account within one business day after receiving such securities. (ii) It must deposit them into a segregated account opened with an authorized financial institution within two business days after receiving such securities. (iii) It may register such securities in the name of the relevant client, or in the name of an associated entity of the intermediary. (iv) It must, as soon as reasonably practicable, deposit them in Hong Kong into a segregated account designated as a trust account or client account, maintained with an authorized financial institution, an approved custodian, or another intermediary licensed for dealing in securities.

multiple_choice

4. 恒信金融集團是一家總部位於多倫多的金融機構。其全資附屬公司為嘉華投資,而嘉華投資又全資擁有明德服務公司。根據《證券及期貨條例》,在下列哪種情況下,明德服務公司「不能」豁免領取相關受規管活動的牌照? Hengxin Financial Group is a financial institution headquartered in Toronto. Its wholly-owned subsidiary is Jiahua Investment, which in turn wholly owns Mingde Services Company. Under the Securities and Futures Ordinance, in which of the following circumstances is Mingde Services Company 'not' exempt from holding a license for the relevant regulated activity?

multiple_choice

5. 根據證監會發布的《內部監控指引》,中介人在建立有效的風險管理程序及職能時,應包括下列哪些措施? (i) 建立獨立的風險管理職能,並由具備適當資格、經驗及權限的專業人士負責 (ii) 建立適當程序,以確保因客戶失責或市場波動而導致的風險,能限制在預先設定的可接受水平內 (iii) 為自營買賣業務訂立明確的交易及持倉限額,並至少在每日收市時對該等限額的執行情況進行監察 (iv) 管理層應界定整體的風險政策,包括配合其業務策略、規模、複雜程度及中介人風險承擔能力的風險衡量及匯報方法 According to the Management, Supervision and Internal Control Guidelines for Persons Licensed by or Registered with the Securities and Futures Commission (Internal Control Guidelines), which of the following measures should be included when an intermediary establishes effective risk management procedures and functions? (i) Establish an independent risk management function, managed by professionals with appropriate qualifications, experience and authority (ii) Establish appropriate procedures to ensure that risks arising from client default or market fluctuations are kept within pre-set acceptable levels (iii) Set clear trading and position limits for proprietary trading business, and monitor compliance with such limits at least as at the close of business each day (iv) Management should define the overall risk policy, including risk measurement and reporting methodologies commensurate with the intermediary's business strategy, scale, complexity and risk-bearing capacity

multiple_choice

6. 根據香港《證券及期貨條例》(第571章)第VIII部關於「調查及查詢」的條文,證監會在行使法定調查權力時,下列哪些描述是準確且符合法律程序的? (i) 證監會不僅有權調查持牌法團,亦可就上市法團的業務涉及欺詐、不當行為或對股東有壓制性行為時,委任調查人員行使權力。 (ii) 調查人員有權要求「指明人士」在指定時間及地點出席會面並回答問題,該「指明人士」並不限於受規管的中介人,亦可包括與被調查事務有聯繫的任何人士。 (iii) 若受調查人士未能按要求提供記錄或文件,並聲稱該等資料不在其權力或控制範圍內,調查人員可要求該人簽署法定聲明,以證實其所述理由屬實。 (iv) 對於拒絕遵從調查要求的人士,證監會可向原訟法庭提出申請,要求法庭進行研訊;若法庭確信該人無合理辯解而違規,可處以如同藐視法庭的懲罰。 According to Part VIII of the Securities and Futures Ordinance regarding 'Investigations and Inquiries', which of the following descriptions are accurate and consistent with legal procedures when the SFC exercises its statutory investigative powers? (i) The SFC has the power not only to investigate licensed corporations but also to appoint investigators to exercise powers when the business of a listed corporation involves fraud, misconduct, or oppressive behavior towards shareholders. (ii) Investigators have the power to require a 'specified person' to attend an interview at a specified time and place and answer questions; such 'specified person' is not limited to regulated intermediaries, but may also include any person connected with the matters under investigation. (iii) If the person under investigation fails to provide records or documents as required and claims that such information is not within their power or control, the investigator may require the person to sign a Statutory Declaration to verify that the reasons stated are true. (iv) For persons who refuse to comply with investigative requirements, the SFC may apply to the Court of First Instance for an inquiry; if the court is satisfied that the person has no reasonable excuse for the non-compliance, it may impose a penalty similar to contempt of court.

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7. 香港企業是否有資格發行可贖回股份? Are Hong Kong companies eligible to issue redeemable shares?

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8. 根據《公司(清盤及雜項條文)條例》及相關法規,下列哪些情況可構成法庭頒令取消某人擔任公司董事資格的理由? (i) 該人被裁定犯有涉及公司事務的欺詐行為,或在公司清盤過程中被發現曾進行欺詐性交易 (ii) 該人多次違反《公司條例》下的法定責任,或未能履行作為清盤人或接管人的職責 (iii) 該人因涉及公司組成、管理或經營的可公訴罪行而被定罪,且該罪行涉及欺詐或不誠實行為 (iv) 該人曾任職於已陷入無力償債狀況的公司,且其行為被法庭評定為不適合擔任公司董事 According to the Companies (Winding Up and Miscellaneous Provisions) Ordinance and relevant regulations, which of the following circumstances may constitute grounds for the court to issue a disqualification order against a person from acting as a company director? (i) The person is convicted of fraud in relation to company affairs, or is found to have engaged in fraudulent trading during the winding-up process of a company. (ii) The person has repeatedly breached statutory duties under the Companies Ordinance, or failed to perform duties as a liquidator or receiver. (iii) The person has been convicted of an indictable offence in connection with the formation, management, or operation of a company, and the offence involves fraud or dishonesty. (iv) The person has served in a company that has become insolvent, and their conduct has been assessed by the court as unfit to be a company director.

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9. 在證券及期貨業務的風險管理框架下,中介人所面臨的「市場風險」最準確的定義是指: Under the risk management framework for securities and futures businesses, what is the most accurate definition of 'Market Risk' faced by an intermediary?

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10. 根據香港《證券及期貨條例》下確立的監管架構,關於證券及期貨事務監察委員會(證監會)對市場參與者實施的准入管理制度,下列哪項表述最為準確? (i) 凡從事十種特定類別受規管活動的法團,均須根據同一套法律框架申請相關資格,此制度被稱為「單一發牌制度」。 (ii) 證監會在授予牌照時,擁有廣泛的自由裁量權,可就持牌法團的業務範圍或財務資源施加其認為適當的特定條件。 (iii) 此制度同樣適用於獲金管局註冊以從事受規管活動的認可財務機構,使其法律地位與持牌法團完全等同。 (iv) 該制度旨在透過單一的法律實體資格,涵蓋該法團所獲准進行的所有受規管活動,而非按每項活動分別簽發獨立牌照。 Under the regulatory framework established by the Securities and Futures Ordinance of Hong Kong, which of the following statements is most accurate regarding the entry management system implemented by the Securities and Futures Commission for market participants? (i) Corporations engaging in the ten specific categories of regulated activities must apply for the relevant qualifications under the same legal framework; this system is known as the 'single licensing regime'. (ii) The SFC has broad discretion when granting licences and may impose specific conditions it deems appropriate on the business scope or financial resources of a licensed corporation. (iii) This system applies equally to authorized financial institutions registered with the HKMA to conduct regulated activities, making their legal status identical to that of licensed corporations. (iv) The system aims to cover all regulated activities that a corporation is approved to conduct through a single legal entity qualification, rather than issuing separate licences for each activity.

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Practice Questions

From: HKSI 卷一 基本證券及期貨規例題庫|Paper 1 一次過合格

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1
根據《外匯基金條例》及相關監管框架,下列哪些屬於香港金融管理局的核心職責? (i) 透過外匯基金的運作,維持港元匯價穩定 (ii) 監管保險公司的償付能力,以保障保單持有人的利益 (iii) 促進銀行體系的安全及穩定,並管理存款保障計劃以外的審慎監管 (iv) 提高金融體系的效率、健全性及整體競爭力 According to the Exchange Fund Ordinance and the relevant regulatory framework, which of the following are core responsibilities of the Hong Kong Monetary Authority? (i) Maintaining the stability of the Hong Kong dollar exchange rate through the operation of the Exchange Fund (ii) Regulating the solvency of insurance companies to protect the interests of policyholders (iii) Promoting the safety and stability of the banking system and managing prudential supervision outside of the Deposit Protection Scheme (iv) Enhancing the efficiency, soundness, and overall competitiveness of the financial system
A(i), (iii), (iv)
B(i), (ii)
C(ii), (iii), (iv)
D(i), (ii), (iii)
2
梁小姐是「誠信環球證券」的負責人員,其多年好友蘇小姐現擔任上市公司「領航國際」的公司秘書。蘇小姐代表「領航國際」擬於「誠信環球證券」開立機構交易賬戶。考慮到雙方私交甚篤且公事繁忙,梁小姐建議採取以下流程: (i) 蘇小姐透過公司官方電子郵件將已簽署的開戶表格及公司註冊文件掃描件發送至梁小姐個人郵箱; (ii) 雙方無需進行面對面會晤,亦不使用任何獲認可的核證機關發出的數碼證書; (iii) 梁小姐承諾在開戶後兩週內,由蘇小姐補發所有文件的紙本正本以供存檔。 根據證監會《操守準則》及相關監管通函,關於上述非面對面開戶程序的合規性,下列哪項表述最為準確? Ms. Leung is a Responsible Officer of "Integrity Global Securities." Her long-time friend, Ms. So, is currently the Company Secretary of a listed company, "Pilot International." Ms. So intends to open an institutional trading account at "Integrity Global Securities" on behalf of "Pilot International." Considering their close personal friendship and busy schedules, Ms. Leung suggests the following procedures: (i) Ms. So sends the signed account opening form and scanned copies of company registration documents to Ms. Leung's personal email via the company's official email; (ii) Both parties do not need to meet face-to-face, nor use any digital certificates issued by recognized Certification Authorities ; (iii) Ms. Leung promises that Ms. So will resubmit all original paper documents for filing within two weeks after the account is opened. According to the SFC's Code of Conduct and relevant regulatory circulars, which of the following statements is most accurate regarding the compliance of the above non-face-to-face account opening procedure?
A程序合規,因為梁小姐作為負責人員已親自確認客戶身份,且《電子交易條例》允許在十四天內補交實體文件以完成驗證。 The procedure is compliant because Ms. Leung, as a Responsible Officer, has personally verified the client's identity, and the Electronic Transactions Ordinance allows for the submission of physical documents within fourteen days to complete verification.
B程序合規,前提是「誠信環球證券」能證明蘇小姐的電子郵件發送地址屬於「領航國際」的官方域名,且符合內部風險監控要求。 The procedure is compliant, provided that "Integrity Global Securities" can prove that Ms. So's email address belongs to the official domain of "Pilot International" and meets internal risk monitoring requirements.
C程序不合規,因為單純透過電子郵件傳送掃描文件不屬於受認可的核證服務,亦未履行《操守準則》規定的替代驗證程序(如指定銀行賬戶轉賬驗證)。 The procedure is non-compliant because simple transmission of scanned documents via email does not constitute recognized certification services, nor does it fulfill the alternative verification procedures (such as designated bank account transfer verification) required by the Code of Conduct.
D程序不合規,根據《打擊洗錢條例》,所有機構客戶開戶必須由中介人職員或受指定的太平紳士在場見證簽署,不得以任何電子方式取代。 The procedure is non-compliant; according to the Anti-Money Laundering Ordinance, all institutional client account openings must be witnessed by an intermediary's staff or a designated Justice of the Peace, and cannot be replaced by any electronic means.
3
根據香港《證券及期貨條例》,下列關於「賣空」行為的描述中,哪一項屬於法律允許的合法賣空(即有擔保賣空)? According to the Hong Kong Securities and Futures Ordinance, which of the following descriptions regarding 'short selling' constitutes a legally permitted short sale (i.e., covered short selling)?
A賣方在出售證券時,雖然尚未持有該證券,但擁有一項可即時行使且不附帶條件的權利,以將其持有的其他權益轉換為該證券。 The seller, while not yet holding the securities at the time of sale, possesses a presently exercisable and unconditional right to convert other interests they hold into such securities.
B賣方在預期股價下跌時先賣出股票,並計劃在同一個交易日結束前買回以平倉,但在賣出時並未安排任何借貨協議。 The seller sells stocks in anticipation of a price drop and plans to buy them back to close the position before the end of the same trading day, but has not arranged any borrowing agreement at the time of sale.
C賣方在尚未取得證券的情況下進行賣出,雖然其持有一項轉換權,但該權利須待特定條件達成後方可生效。 The seller sells without having obtained the securities, and although they hold a conversion right, that right is subject to the fulfillment of specific conditions before it can take effect.
D賣方在未持有證券且未確認能借入證券的情況下,僅憑藉市場流動性充足的假設而進行的賣出交易。 The seller, without holding the securities and without confirming the ability to borrow them, conducts the sale based solely on the assumption of sufficient market liquidity.
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