Step 1: Role & Regulated Activity
Select your role and the regulated activity you're applying for.
Step 2: Licensing History
Your licensing history affects exam exemptions.
Temporary licence applicants are exempt from RIQ and LRP exam requirements (applicable to Types 1, 2, 4, 5, 6, 10, 11 only). See Guidelines 4.4.2.1(b) and 4.4.3.1(b).
Total years holding an SFC licence while carrying on regulated activities in Hong Kong. If you are currently licensed as LR and applying to upgrade to RO for the same RA type, you need 3+ years of licensed experience for conditional LRP exemption (Guidelines 4.4.3.4).
Step 3: Qualifications & Experience
Your qualifications determine exam exemptions.
5+ years = RIQ exemption
RO requires 3+ years
RO requires 2+ years
RO Conditional Exemption Information:
Experience in regulated activities in jurisdictions with recognized exchanges listed in Schedule 3 of the Securities and Futures (Stock Market Listing) Rules (e.g., USA, UK, Japan, Australia, Singapore). 8+ years qualifies for conditional exemption (Guidelines 4.4.3.2 and 4.4.3.5).
Full-time regulatory or compliance work in Hong Kong (e.g., at SFC, HKMA, IA, or compliance department of licensed corporations). Qualifying individuals are fully exempt from LRP exams (Guidelines 4.4.3.1(c)).
Means the RO only engages in limited scope regulated activities (e.g., serving only institutional clients or professional investors), or holds a senior management role (e.g., CEO, COO) rather than direct front-line business. Applies to conditional exemption for those with substantial overseas experience (Guidelines 4.4.3.2).
Means the firm has designated an existing Responsible Officer (with full local regulatory knowledge) to provide supervision and support. This is a mandatory condition for conditional exemption for those with substantial overseas experience (Guidelines 4.4.3.2).
LR Conditional Exemption Information:
Refers to professionals who stay in Hong Kong for no more than 30 days per year and primarily work overseas. Itinerant professionals may obtain conditional LRP exemption, but the licence will be subject to conditions limiting their activities in Hong Kong (Guidelines 4.4.3.6).
Step 4: Exam History
Select papers passed within 3 years.
LRP (Local Regulatory Paper)
Tests knowledge of Hong Kong securities and futures regulations. Paper 1 is the general regulatory paper required for all licensed persons (except Types 3, 7). Papers 2-6, 18 are specialized regulatory papers required only for Responsible Officers (RO) based on their RA type.
Paper 1: General Regulation | Paper 2: Securities (Types 1,4,8 RO) | Paper 3: Derivatives (Types 2,5 RO) | Paper 4: Credit Rating (Type 10 RO) | Paper 5: Corporate Finance (Type 6 RO) | Paper 6: Asset Management (Type 9 RO) | Paper 18: Depositary (Type 13 RO)
RIQ (Recognized Industry Qualification)
Tests practical knowledge of financial markets and products. Paper 7 is the general financial markets paper required for most RAs. Papers 8-12, 19 are specialized product papers based on RA type. Those with relevant degrees or professional qualifications (e.g., CFA) may be exempt.
Paper 7: Financial Markets (General) | Paper 8: Securities (Types 1,4,8) | Paper 9: Derivatives (Types 2,5) | Paper 10: Credit Rating (Type 10) | Paper 11: Corporate Finance (Type 6) | Paper 12: Asset Management (Type 9) | Paper 19: Depositary (Type 13)