The Mainland has committed to simplifying the relevant procedures for Hong Kong professionals obtaining securities practising registration and applying for the fund or futures practising qualifications in the Mainland with effect from 1 January 2004.  Hong Kong professionals concerned only need to pass the examination on relevant Mainland laws and regulations; and the examination on foundation paper is not required.

(1) Hong Kong professionals (Please refer to Q7 for the definition of “Hong Kong professionals”)

Hong Kong professionals having passed the examination on relevant Mainland regulations may obtain securities practising registration from the Securities Association of China (“SAC”) or apply for the practising qualifications with the Asset Management Association of China (“AMAC”) or the China Futures Association (“CFA”) —

For Hong Kong professionals having so obtained the securities practising registration or fund or futures practising qualifications, where they are licensed and have been approved as a responsible officer in Hong Kong, such licence status will be equivalent to having satisfied the required qualifications for being employed as senior management personnel in the Mainland.  Where they are licensed as a representative in Hong Kong, such licence status will be equivalent to having obtained the general practising qualifications for general securities business or funds or futures in the Mainland.

(2) Mainland professionals (Please refer to Q26 for the definition of “Mainland professionals”)

Mainland professionals in the securities, fund or futures industry may be deemed by the SFC as having satisfied the licence requirements for industry qualifications in Hong Kong —

For Mainland professionals having so obtained the industry qualifications, where they possess the practising qualifications for senior management personnel in the Mainland, they will be deemed as having satisfied the industry qualifications for responsible officers when applying to become one in Hong Kong.  Where they possess the general practising qualifications for securities business or funds or futures in the Mainland, they will be deemed as having attained the industry qualifications for licensed representatives when applying to become one in Hong Kong.

For Hong Kong professionals to engage in securities business in the Mainland, individuals must have completed the securities practising registration (執業登記) with the SAC.  To engage in fund or futures business in the Mainland, the individuals must have been awarded the industry qualifications (從業資格) by the AMAC or the CFA before they can apply for the practising qualifications (執業資格).  The practising registration or practising qualifications will only be granted to professionals who are employed by an intermediary in the Mainland and have satisfied other regulatory requirements including those concerning experience and conduct.

The CSRC has authorised the SAC, the AMAC and the CFA to supervise the securities, fund and futures industry practitioners in the Mainland.  For individuals having passed the two papers of the Assessment for General Business Standard (一般業務水平評價測試) under the Assessment for Securities Industry Professionals Standard (證券行業專業人員水平評價測試) to engage in securities business, where their company considers that they have satisfied the practising qualification, they can start engaging in securities business, and arrange securities practising registration with the SAC within five working days.  Individuals having passed the qualification examination for fund or futures industry practitioners shall apply for the industry qualifications and practising qualifications with the AMAC or the CFA, and obtain approval before engaging in the relevant business.  Individuals intending to take up a senior management role in an intermediary in the Mainland are required to file with the relevant local bureau of the CSRC for such appointment.

Please refer to the following table:

After obtaining the fund or futures industry qualifications, you should file an application in accordance with the respective procedures in the Mainland or Hong Kong for the practising qualifications / appointments or licences.  On the other hand, after meeting the basic requirements of the Mainland’s relevant papers on securities, where the Mainland company considers that you have satisfied the practising qualifications, you can start engaging in securities business in the Mainland, and arrange securities practising registration with the SAC within five working days.  Before lodging such application / practice registration, you must still meet other requirements for the qualifications / types of registration or licences.  For instance, your experience and qualifications must be relevant to the practising qualifications (or the types of practising registration) or licences being applied for.

“Hong Kong professionals” means permanent residents of the Hong Kong Special Administrative Region holding (or having held within the past three years) relevant licences issued by the SFC.

In light of the differences in the regulatory frameworks governing the securities and futures markets in the Mainland and Hong Kong, you need to pass the examination on relevant Mainland laws and regulations to ensure that you are conversant with the legal and regulatory requirements concerning the market(s) you intend to engage in.

According to the requirements under Article 10 of the Administrative Rules for Directors, Supervisors, Senior Management and Industry Practitioners of Securities Companies (《證券公司董事、監事、高級管理人員及從業人員管理規則》) issued by the SAC, securities practising registrants who have passed the National Unified Legal Professional Qualification Examination (國家法律職業資格考試) can be exempted from taking the examination on relevant laws and regulations.  Currently, no waiver from the examination on relevant laws and regulations is available to individuals registering as fund or futures industry practitioners.

No, you only need to take the relevant examinations.

The SAC, the AMAC and the CFA are responsible for administering the securities practising registration, fund practising qualifications and futures practising qualifications, respectively, in the Mainland, as well as the corresponding examinations.  Hong Kong professionals interested in obtaining these registration or qualifications may apply to the SAC, the AMAC or the CFA with the following materials, including: 

(1) Proof of the relevant SFC licence(s) held by you during the last three years;
(2) Scanned copy of your Hong Kong permanent identity card;
(3) Practising registration form; and
(4) Statement of verification by the company.

The Mainland authority will deal with any differences in views pursuant to the established procedures spelt out under CEPA, ie, it should inform you within a stipulated period and notify the Mainland’s Ministry of Commerce (“MOC”).  The MOC will in turn inform the Trade and Industry Department of the Hong Kong Special Administrative Region (“TID”), giving the reasons for the different views.  You may, through the TID and with written justification, request the MOC to reconsider.  The MOC should give a written reply to the TID within a stipulated period.

The SAC has appointed the Hong Kong Securities and Investment Institute (“HKSI Institute”) to arrange for the enrolment by Hong Kong professionals.

The HKSI Institute can also arrange enrolment for Hong Kong professionals for taking the examination if they do not wish to apply directly to the AMAC or the CFA online.

For details, please contact the HKSI Institute (www.hksi.org).

CEPA offers an alternative to you for obtaining securities practising registration or attaining the fund or futures practising qualifications in the Mainland.  You are still entitled to obtain securities practising registration from the SAC or apply for the practising qualifications to the AMAC or the CFA under the normal procedures by taking the current standard examinations.

The results for the examination on relevant Mainland laws and regulations (《內地證券市場基本法律法規》) are valid for 36 months from the date of obtaining the results.

Please refer to the HKSI Institute’s website (www.hksi.org).

As the SAC, the AMAC and the CFA are the authorities responsible for developing the examinations, they will not offer any revision courses.  However, the HKSI Institute may offer revision courses to assist Hong Kong professionals in understanding the relevant Mainland requirements and/or markets.  Please refer to the HKSI Institute’s website for information about revision courses.

After meeting the basic requirements for the examination on relevant Mainland securities regulations or obtaining the fund or futures industry qualifications, Hong Kong professionals will enjoy the same status as any Mainland individuals who have passed the relevant Mainland examinations.  Before carrying out any of the activities in the Mainland, you need to secure an employment with a Mainland intermediary and obtain securities practising registration from the SAC or apply to the AMAC or the CFA for the practising qualifications.  If you are going to assume the role of senior management personnel of a Mainland intermediary, you have to file with the CSRC for such appointment.  You will be required to authorise the CSRC, the SAC, the AMAC or the CFA in writing to inquire of the SFC about your compliance records.  Other details about the application requirements and procedures are available from the CSRC, the SAC, the AMAC and the CFA.

Contact details of the CSRC:

China Securities Regulatory Commission
Address : Building A
Focus Place
No. 19 Jinrong Street
Xicheng District
Beijing 100032
P.R. China
Website : www.csrc.gov.cn

As a representative office is not allowed to conduct business activities, you can only be accredited to a Mainland intermediary in order to obtain securities practising registration or apply for the practising qualifications.

Pursuant to the current requirements in the Mainland and Hong Kong, you can be accredited to both a Mainland intermediary and a Hong Kong licensed corporation concurrently only if the two firms are within the same group or one firm has more than 50% shareholding in the other firm.

No, your licence will be revoked in accordance with the relevant provisions of the Securities and Futures Ordinance once you cease to act for your accredited principal in Hong Kong.  However, if you re-apply for the licence in the future, you are not required to demonstrate competence on industry qualifications if you are already a Mainland professional (please refer to Q26) at the time of your application.

Yes, your experience will be recognised as relevant.

If your university degree is accepted by the SFC for licensing purposes, the CSRC, the SAC, the AMAC and the CFA are prepared to accept it as satisfying the Mainland’s requirement on academic qualifications.

“Mainland professionals” means PRC nationals having completed the securities practising registration or possessing the valid fund or futures practising qualifications in the Mainland.

In light of the differences in the regulatory framework governing the securities and futures markets in the Mainland and Hong Kong, you need to pass the examinations on Hong Kong regulations to ensure that you are conversant with the legal and regulatory requirements concerning the market(s) you intend to engage in.

Waivers may be granted by the SFC if you satisfy the criteria for granting exemptions as stipulated in the Guidelines on Competence, which are available on the SFC’s website. 

Unlike the Mainland, Hong Kong does not maintain a two-tier system in terms of the qualifications.  Anyone who is able to satisfy the fit and proper requirements can apply to become a licensed representative and/or apply for approval as a responsible officer in Hong Kong.  The assessment includes a test of whether the applicant possesses one of the recognised industry qualifications.  If you wish to be afforded the treatment under CEPA, you are required to provide the SFC with a full list of the valid and relevant roles of practice or practising certificates you are holding when lodging the licence application.  You are also required to authorise the SFC in writing to verify your compliance records with the CSRC, the SAC, the CFA and/or the AMAC.

Contact details of the SFC:

Securities and Futures Commission
Address : 54/F, One Island East
18 Westlands Road, Quarry Bay
Hong Kong
Tel : (852) 22311222
Website : www.sfc.hk
E-mail : licensing@sfc.hk

The HKSI Institute is responsible for administering the examinations. For details, please contact the HKSI Institute (www.hksi.org).

The details about the examinations (such as syllabus, format, study guides and materials, application procedures, fees, date and venue of the examinations, and announcement of examination results) are available on the HKSI Institute’s website.

The number of papers depends on your role and the types of regulated activities you intend to conduct in Hong Kong.  A summary is provided below.  You may refer to the Guidelines on Competence or the HKSI Institute’s website for more information.

^#  Paper 1 (Fundamentals of Securities and Futures Regulation)

    Paper 2 (Regulation of Securities)

    Paper 3 (Regulation of Derivatives)

    Paper 5 (Regulation of Corporate Finance)

    Paper 6 (Regulation of Asset Management)

For licensing purposes, the examination results are valid for three years.  However, if you have been licensed under the Securities and Futures Ordinance within the three years before you re-apply for the licence, you may be exempted from taking the examination again if you apply to carry on a regulated activity with the same competence requirement and in the same role previously licensed for.

The HKSI Institute does not offer any revision courses in Hong Kong.  However, the HKSI Institute provides a series of study support materials to assist candidates in preparing for the qualification examinations.  Please refer to its website for details (https://www.hksi.org/en/qualification/practising-qualifications/licensing-examination-for-securities-and-futures-intermediaries/overview/).  On the other hand, revision courses are offered by other course organisers such as tertiary or vocational training institutes in Hong Kong. 

The relevant requirements are set out in the Fit and Proper Guidelines.  In essence, the SFC shall have regard to a number of matters in assessing whether you are fit and proper to be licensed, which include your:

1. financial status or solvency;
2. educational or other qualifications or experience having regard to the nature of the functions to be performed;
3. ability to carry on the regulated activity competently, honestly and fairly; and
4. reputation, character, reliability and financial integrity.

The assessment includes a test of competence on knowledge (which includes industry qualifications) and experience.  Please refer to the Fit and Proper Guidelines and the Guidelines on Competence published on the SFC’s website for further details.

You can be accredited to a Hong Kong subsidiary provided that it is already licensed by the SFC.

No special arrangement can be made in this regard.  Once you cease to act for your principal in the Mainland, your securities practising registration or fund or futures practising qualifications in the Mainland will be dealt with in accordance with the standard procedures of the Mainland authorities.

Hong Kong operates as an open market.  We do not set restrictions on where the qualifications or industry experience are obtained.  The competence test applies to all applicants, regardless of whether they are from the Mainland or other jurisdictions.