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HKSI Licensing Examination Paper 1 (Regulation) Exam Cheat Sheet (2026)
A free, printable HKSI Licensing Examination Paper 1 (Regulation) exam cheat sheet: the 48 highest-yield points to know, grouped into 8 sections that follow the exam's content areas, each section with its published weight.
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- The real HKSI Licensing Examination Paper 1 (Regulation) exam: 60 questions · 90 minutes · 70 to pass.
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- 404 free HKSI Licensing Examination Paper 1 (Regulation) practice questions on the same material, every one explained.
- Last updated: August 2026.
Studying in order?
In the HKSI LE Paper 1 (Regulation) guide: A full practice section and a cram sheet at the back, with the reasoning behind every answer. Practice here stays free.
Business Conduct and Client Relations
18% of the exam- The nine General Principles are the exam's backbone
- Know your client (KYC): the diligence starts before the trade
- Suitability: the obligation that dominates conduct questions
- The written client agreement and the information given to clients
- Conflicts of interest and dealing as principal (GP6)
- How Paper 1 tests business conduct
The Securities and Futures Ordinance (SFO)
15% of the exam- One consolidating statute, organised in Parts
- The licensing requirement (s.114)
- The ten regulated activities (Schedule 5)
- Market misconduct: parallel civil and criminal routes
- Disclosure of inside information and of interests (Parts XIVA and XV)
- How Paper 1 tests the SFO
Licensing, Registration and Subsidiary Legislation
15% of the exam- Who is licensed: corporations, representatives and responsible officers
- The fit-and-proper test
- Competence and Continuous Professional Training (CPT)
- Managers-In-Charge (MIC) and senior-management accountability
- Client assets: the Client Money and Client Securities Rules
- Records, capital, temporary licences and how the topic is tested
Regulatory Overview of the Hong Kong Financial Industry
12% of the exam- The SFC: independent statutory regulator
- The SFC's regulatory objectives
- The division of labour: HKMA, IA, MPFA and the FSTB
- HKEX: the market operator, not a regulator
- Governance and funding: why independence matters
- The SFC's operating divisions and how the topic is tested
Business Operations, Internal Controls and AML
12% of the exam- Internal controls and senior-management responsibility
- The AMLO framework and the risk-based approach
- Customer due diligence (CDD) under AMLO Schedule 2
- Higher and lower risk: EDD, PEPs, reliance and record-keeping
- Suspicious transactions, tipping off and terrorist financing
- Personal data protection and how the topic is tested
Participating in the Exchanges and Accessing Public Capital
10% of the exam- Trading, clearing and settlement through CCASS
- Accessing public capital: the listing regime
- Main Board eligibility: financial tests and public float
- IPO mechanics: sponsors, prospectus and dual filing
- IPO allocation and stabilisation tools
- Takeovers, mergers and share buy-backs
Market Misconduct and Improper Trading Practices
10% of the exam- The six forms of market misconduct
- Insider dealing in detail
- False trading, price rigging and manipulation
- The Market Misconduct Tribunal (MMT)
- Consequences: civil orders versus criminal penalties
- How Paper 1 tests market misconduct
Principles of Hong Kong Law and the Companies Ordinance
8% of the exam- A common-law system preserved under the Basic Law
- The essentials of a binding contract
- Misrepresentation and its consequences
- Agency: acting for a principal
- Companies: separate legal personality and limited liability
- Raising money from the public: the prospectus
Now prove you know them
Reading an outline is not the same as recalling it under exam pressure. Drill the free HKSI Licensing Examination Paper 1 (Regulation) questions to find the areas you keep missing, then sit a full timed mock.
Study aid, not a substitute for the official material — always confirm the current rule with HKSI Institute — Licensing Examination.