1 Licences, status and subsidiary rules
Study in this order: activity, entity, individual, then financial and client-asset requirements.
Types 1 to 13
SFO Schedule 5- Schedule 5 specifies Types 1 to 13; Types 11 and 12 relate to the OTC derivatives regime and await commencement of the relevant regime. Numbers
- Type 13—providing depositary services for relevant CISs—took effect on 2 October 2024. Exam
- An authorised financial institution generally registers with the SFC; a non-bank corporation applies to be licensed. Compare
必背
Start with the common pairs: 1 dealing, 4 securities advice, 6 corporate finance advice, 8 margin financing, 9 asset management, 13 relevant-CIS depositary services.
Frequently tested RAs
| Type | Activity |
|---|---|
| 1 | Dealing in securities |
| 4 | Advising on securities |
| 6 | Advising on corporate finance |
| 9 | Asset management |
| 13 | Depositary services for relevant CISs |
How it is examined
Which RA covers top-level depositary services for an SFC-authorised fund?
- Type 13
- Do not confuse it with Type 9 asset management or Type 1 dealing
- Type 13 commenced on 2 October 2024
Individual status and client assets
SFO Part V and subsidiary Rules- A licensed corporation requires at least two approved responsible officers for each RA, at least one of whom must be an executive director. Numbers
- Client money, client securities, records and contract notes are governed by different subsidiary Rules; questions often swap the rule names. Trap
答題順序
For client-asset questions, identify money versus securities before checking receipt, custody, authority and record requirements.
