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Exam prep for HKSI LE Paper 1 (Fundamentals of Securities and Futures Regulation). Practise exam-style questions on the SFO, licensing, the Code of Conduct, AML, listing, takeovers and market misconduct. Get a worked answer with its source on every question, and sit full timed mocks in the real 60-question, 90-minute format.
Free to start · No card required · 600+ questions across 9 syllabus topics
Most candidates need only Paper 1. Applying as a licensed representative with a degree in accounting, business, economics, finance or law, or CFA, CIIA or CFP? The SFC's Guidelines on Competence normally waive Papers 7 and 8 for you. Check your case
Independent. Not affiliated with or endorsed by HKSI Institute or the SFC.
Each LE paper is a separate exam, and which ones you need depends on your regulated activity. Full prep is live for Paper 1. Most licensed representative applicants with a degree in accounting, business, economics, finance or law need only Paper 1. Papers 7 and 8 are being written for the 9 Dec 2026 syllabus; no release date yet.
HKSI Prep takes you the whole way: study, pass your LE papers, and apply for your licence.
A focused loop that turns weak spots into confidence before exam day.
Step 1
Work through MCQs organised by the Paper 1 syllabus topics. Answer one at a time and learn as you go.
Step 2
Instant grading with a worked explanation and its source on every question: understand the why, not just the what.
Step 3
Simulate the real thing under exam conditions, then track your readiness until you're consistently passing.
Reading the concepts gets you halfway — it's the drilling and realistic timed mocks that turn what you've read into marks on the day. HKSI Prep is where your studying becomes exam-ready: practise by topic, find your weak spots, and sit full timed mock exams until you walk in ready to pass.
Every question maps to a Paper 1 syllabus topic, weighted to the syllabus.
Understand the reasoning behind each answer, not just the key.
Full timed mock exams that mirror the Paper 1 multiple-choice style.
Most people prepare in a focused burst before exam day. HKSI Prep keeps you moving — short topic sets you can finish on a commute, instant explanations that make concepts stick, and timed mocks that tell you when you're genuinely ready.
No bare right/wrong. Each item is real exam style with a worked explanation, so the concept actually sticks. Tap an answer on the right and see exactly how practice feels — no signup needed.
Kowloon Pearl Bank, a licensed bank, plans four new business lines in Hong Kong. For which one would it NOT apply to the SFC to be a registered institution?
Every topic of the HKSI Paper 1 syllabus, each with its own practice questions and study note.
Begin free, then unlock the full question bank, timed mock exams and every study note with a one-time pass when you're serious about passing Paper 1.
One note per syllabus topic: the rule, the trap examiners set, and the exam takeaway.
LE Paper 1 · Topic 3
The Securities and Futures Ordinance (Cap. 571)
LE Paper 1 · Topic 4
Licensing, registration and subsidiary legislation
LE Paper 1 · Topic 5
Business conduct and client relations
LE Paper 1 · Topic 6
Business operations and practices
LE Paper 1 · Topic 8
Accessing public capital
LE Paper 1 · Topic 9
Market misconduct and improper trading practices
The pages candidates read most before sitting Paper 1, straight to the point.
Guides
Revision aids and free practice — no login needed.
Paper 4
Regulation of Credit Rating Services
Coming soon
Regulatory papers
Paper 5
Regulation of Corporate Finance
Coming soon
Paper 5: format, fee and pass rate →Regulatory papers
Paper 6
Regulation of Asset Management
Coming soon
Paper 6: format, fee and pass rate →Regulatory papers
Paper 17
Regulation of Takeovers and Share Buy-backs
Coming soon
Paper 17: format, fee and pass rate →Regulatory papers
Paper 18
Regulation of Providing Depositary Services
Coming soon
Paper 18: format, fee and pass rate →Practical papers
Paper 7
Financial Markets
Updated for the 9 Dec 2026 syllabus: coming soon
Paper 7: format, fee and pass rate →Practical papers
Paper 8
Securities
Updated for the 9 Dec 2026 syllabus: coming soon
Paper 8: format, fee and pass rate →Practical papers
Paper 19
Depositary Services for Collective Investment Schemes
Coming soon
Paper 19: format, fee and pass rate →Paper 1, Fundamentals of Securities and Futures Regulation, is the core regulatory paper of the Licensing Examination for Securities and Futures Intermediaries, set by the Hong Kong Securities and Investment Institute (HKSI Institute). The SFC recognises it as a local regulatory framework paper for licensing, which is why it is the most-sat paper: 55.6% of all LE enrolments in 2023 (HKSI Institute Annual Report 2023).
60 multiple-choice questions in 1 hour 30 min, taken on computer, with a pass mark of 70%. Source: HKSI Institute, LE overview (hksi.org), checked 11 October 2026. HKSI can change the format, so confirm on hksi.org before you enrol.
It is the hardest of the commonly sat LE papers: the average pass rate was 50.9% over September 2025 to August 2026 (HKSI Institute, Pass Rate for the LE in Hong Kong (hksi.org), checked 11 October 2026). The difficulty is breadth and precision: the SFO, licensing rules, the Code of Conduct, AML, listing and takeovers, and market misconduct, with questions that turn on a single figure or exception.
No, and that's by design. Every question here is original study material written to match the public HKSI syllabus in topic, style and difficulty. None are official or past HKSI examination questions.
HKSI Prep is an independent study service. It is not affiliated with, endorsed by or connected to the Hong Kong Securities and Investment Institute (HKSI Institute) or the SFC. 'HKSI' is used only to describe the examination.
Often not. Under the SFC Guidelines on Competence, a licensed representative applicant with a degree in accounting, business administration, economics, finance or law, or a recognised professional qualification such as CFA, CIIA or CFP, can meet the industry-qualification requirement without Papers 7 and 8 and needs only the regulatory paper (SFC Guidelines on Competence, October 2024, para 4.3.1.2). Check your own case against the Guidelines on sfc.hk. Our Paper 7 and 8 banks are being written for HKSI's study guides that apply from 9 December 2026. They are not live yet and are not part of what a pass buys today.
A free account with free questions in every topic, instant grading with worked explanations, and progress tracking. That is enough to see how it helps before you pay.
A one-time pass, no subscription: HK$298 for 1 month, HK$498 for 3 months, or HK$598 for the Until-you-pass pass: 12 months, extended free if you fail while it is active. A pass unlocks the full Paper 1 bank, every timed mock and every study note. Papers 7 and 8 are not live yet; if one opens while your pass is active, it is included at no extra cost.
New to the exam? Read our HKSI exam guides for the format, study plan and enrolment steps.