Markets and licensed persons
Compare regulatory roles in Hong Kong and overseas markets, including corporate and representative licensing.
HKSI LE Regulatory paper
HKSI Paper 3Regulation of Derivatives
Paper 3 asks how derivatives business is regulated. Identify the market, licensed person, client assets and reporting duties before applying a rule to a transaction.
- Multiple-choice questions
- 40 questions
- Exam time
- 60 minutes
- Passing mark
- 70%
WHAT TO STUDY
What Paper 3 tests
Checked 5 October 2026: the official Paper 3 guide is v2.8.1. This independent preparation overview should be used with current official examination materials.
Check the official syllabusClient protection and conduct
Connect client securities and money with conduct, risk management and senior-management supervision.
Records and positions
Distinguish transaction records, contract notes, position limits and position reporting.
Futures trading and settlement
Follow participant obligations through clearing, margin and settlement responsibilities.
OTC derivatives
Separate trading, reporting, clearing and non-centrally-cleared margin requirements by their purpose.
FROM RULE TO ANSWER
Make each mistake useful
Answer a focused set, read why an option is right, and return to the rule behind your mistake.
681original practice questions in this paper
Understand the reasoning
Use explanations to compare the rule, its exceptions and the incorrect options.
Review the questions you need
Return to wrong answers and bookmarks, then test yourself under the paper’s time limit.
These are independently written practice questions, not official past papers or recalled exam questions. Counts reflect the published bank checked on 5 October 2026 and may change with content updates.
A PRACTICAL ROUTE
Build a revision routine
- Draw the transaction flow and label the client, intermediary, exchange, clearing house and reporting role.
- Practise the 681-question bank by chapter; note the trigger and exception behind each error.
- Complete a 40-question mock in 60 minutes, then trace the duties through each missed scenario.
YOUR PAPER, YOUR APP
10minquiz HKSI 3+9
HKSI 3+9Papers 3, 9 in one app. Select Paper 3 from the top-left paper selector.
Start with free practice. The 90-day Pro option opens the full question bank and additional revision tools; check the store purchase screen for the current price and terms.
BEFORE YOU BEGIN
Paper 3 questions, answered
How does Paper 3 differ from Paper 9?
Paper 3 concentrates on regulation and compliance. Paper 9 concentrates on products, valuation, strategies and market operation. Use the distinct syllabuses to organise revision.
How should I revise position limits and reporting?
Separate restricting a position from reporting it. Check the applicable product, person and conditions in the official guide rather than treating every position question alike.
Does Paper 3 include a separate reading course in the app?
It currently provides independent questions, answer explanations and mock practice, without a separate reading course. Use the official eStudy Guide for full reading.
How do I practise Papers 3 and 9 together?
Download 10minquiz HKSI 3+9 and switch papers from the home screen. Records stay separate; the free allowance and Pro entitlement are shared within the app.
Official sources and support
Checked on 5 October 2026. Exam rules, syllabus versions, fees, dates and licensing requirements may change; confirm the documents that apply to your exam date.
- HKSI Institute: Paper 3 syllabus
- HKSI Institute: Licensing Examination overview
- SFC: licensing and registration requirements
HKSIPapers is an independent preparation resource. It is not affiliated with or endorsed by HKSI Institute or the SFC.
