Paper 1 vs Paper 2: which papers do you need?
Paper 1 is the regulation paper every representative takes. Paper 2 is the extra regulation paper for Responsible Officers of Types 1, 4 and 8, going deeper into the subsidiary rules, supervision and SEHK dealing. ROs take both.
Paper 1 vs Paper 2 at a glance
| Paper 1 | Paper 2 | |
|---|---|---|
| Full name | HKSI LE Paper 1: Fundamentals of Securities and Futures Regulation | HKSI LE Paper 2: Regulation of Securities |
| Questions | 60 multiple-choice questions | 40 multiple-choice questions |
| Time | 90 minutes | 60 minutes |
| Passing score | 70% | 70% |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | HK$1,800 in Hong Kong (HK$2,250 at overseas Prometric centres) | HK$2,000 in Hong Kong (HK$2,450 at overseas Prometric centres) |
| Languages | English or Traditional Chinese | English or Traditional Chinese |
| Where | HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong | HKSI Institute computer-based test centre in Hong Kong, or Prometric centres outside Hong Kong |
| Level | Core papers | Responsible Officer papers |
What each exam covers
Paper 1
- Hong Kong's Regulatory Framework
- Licensing and Registration
- Business Conduct and the Code of Conduct
- Market Misconduct and Offences
- Disclosure of Interests and Takeovers
- Client Assets, Financial Resources and Investor Compensation
- Anti-Money Laundering
Paper 2
- Regulatory Framework
- Subsidiary Legislation Requirements
- Management and Supervision
- Dealing on the SEHK
- Other Securities Activities
- Exchange Traded Options and OTC Derivatives
- Market Misconduct and Improper Practices
Which should you take?
Paper 1 is the regulation paper every representative takes. Paper 2 is the extra regulation paper for Responsible Officers of Types 1, 4 and 8, going deeper into the subsidiary rules, supervision and SEHK dealing. ROs take both.
Try both, free
Each free practice test takes about 10 minutes and shows your score by topic. No signup.
FAQ
What is the difference between Paper 1 and Paper 2?
Paper 1 is the regulation paper every representative takes. Paper 2 is the extra regulation paper for Responsible Officers of Types 1, 4 and 8, going deeper into the subsidiary rules, supervision and SEHK dealing. ROs take both.
Which is harder, Paper 1 or Paper 2?
Paper 1: 60 multiple-choice questions in 90 minutes. Paper 2: 40 multiple-choice questions in 60 minutes. The longer exam covers more ground, but the harder one is the one further from your daily work. Take both free practice tests to see where you stand.
Can I hold both Paper 1 and Paper 2?
Yes. They're separate papers. Most representatives take three: Paper 1, Paper 7 and one activity paper (8, 9, 10, 11, 12 or 19). Responsible Officers add a regulation paper.
How do I prepare for Paper 1 and Paper 2?
Start with the free practice test for each, then study by topic. Premium is per exam (HK$1,147 a month each), so most people start with the exam they'll sit first and add the second when they're ready.
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Exam details are summarized from the HKSI Institute's published information as of October 2026. Confirm with HKSI Institute before you book. HKSIMock is not affiliated with the HKSI Institute or the SFC.