Paper 18 vs Paper 19: which papers do you need?
Paper 19 covers how depositaries of SFC-authorised funds work (custody, oversight, fund types). Paper 18 is the extra regulation paper for Type 13 Responsible Officers.
Paper 18 vs Paper 19 at a glance
| Paper 18 | Paper 19 | |
|---|---|---|
| Full name | HKSI LE Paper 18: Regulation of Providing Depositary Services | HKSI LE Paper 19: Depositary Services for Collective Investment Schemes |
| Questions | 40 multiple-choice questions | 40 multiple-choice questions |
| Time | 60 minutes | 60 minutes |
| Passing score | 70% | 70% |
| Format | Closed book, computer-based | Closed book, computer-based |
| Cost | HK$2,000 in Hong Kong (HK$2,450 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 | Responsible Officer papers | Activity papers |
What each exam covers
Paper 18
- General Regulatory Framework
- RA13 Conduct Requirements
- RA13 Product Regulations
- Misconduct
Paper 19
- Asset Management Industry Overview
- Asset Classes and Fund Types
- Depositaries of SFC-Authorised CIS
Which should you take?
Paper 19 covers how depositaries of SFC-authorised funds work (custody, oversight, fund types). Paper 18 is the extra regulation paper for Type 13 Responsible Officers.
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 18 and Paper 19?
Paper 19 covers how depositaries of SFC-authorised funds work (custody, oversight, fund types). Paper 18 is the extra regulation paper for Type 13 Responsible Officers.
Which is harder, Paper 18 or Paper 19?
Paper 18: 40 multiple-choice questions in 60 minutes. Paper 19: 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 18 and Paper 19?
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 18 and Paper 19?
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.