英文證券卷六 HKSI Paper 6 第一章
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- 已答
- 回顧
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1/673問題
1. 問題
1 分QID1:The existence of the financial markets in Hong Kong can satisfy which of the following demands?
I. Meet demands for investment, capitalization and risk management.
II. Meet demands for employment
III. Provide an avenue for price discovery
IV. Provide liquidity for investments正確
The demands for employment is not a function satisfied by financial market alone, thus is not a primary reason for the existence of the financial markets in Hong Kong.
錯誤
The demands for employment is not a function satisfied by financial market alone, thus is not a primary reason for the existence of the financial markets in Hong Kong.
提示
Reference Chapter:1.1.1
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2/673問題
2. 問題
1 分QID1498:The regulation of the asset management industry needs to cover
I. Products
II. Services
III. Intermediaries
IV. Investors正確
The regulation of the asset management industry needs to cover not only products and services but also intermediaries and investors.
錯誤
The regulation of the asset management industry needs to cover not only products and services but also intermediaries and investors.
提示
Reference Chapter:1.1.10
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3/673問題
3. 問題
1 分QID625:Which of the following are examples of products of collective investment schemes?
I. Equity Funds
II. Sovereign Fund
III. Money Market Fund
IV. Index Fund正確
A Sovereign Fund doesn’t meet the established criteria to be considered a CIS.
錯誤
A Sovereign Fund doesn’t meet the established criteria to be considered a CIS.
提示
Reference Chapter:1.1.12
-
4/673問題
4. 問題
1 分QID2674:Which of the following activity is subject to supervision by the financial regulators?
正確
Providing a loan and charging interest is a financial actitiy that is subjected to supervision by the financial regulators.
錯誤
Providing a loan and charging interest is a financial actitiy that is subjected to supervision by the financial regulators.
提示
Reference Chapter:1.1.13
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5/673問題
5. 問題
1 分QID1500:Which of the following are service providers in the asset management industry?
I. Banks
II. Trustees
III. Custodians
IV. Financial Planners正確
Typical service providers include:
(d) banks; (e.) trustees; (f) custodians; (g) financial planners錯誤
Typical service providers include:
(d) banks; (e.) trustees; (f) custodians; (g) financial planners提示
Reference Chapter:1.1.13
-
6/673問題
6. 問題
1 分QID1499:Which of the following are service providers of the Asset Management Industry in Hong Kong?
I. Fund houses
II. Auditors
III. Fund management companies
IV. Stockbrokers正確
Typical service providers include:
(a) fund houses; (b) fund management companies; (c.) stockbrokers錯誤
Typical service providers include:
(a) fund houses; (b) fund management companies; (c.) stockbrokers提示
Reference Chapter:1.1.13
-
7/673問題
7. 問題
1 分QID5:Which of the followings is not a service provider in the asset management industry?
正確
The definition of asset management is to manage securities and futures portfolio or real estate investment trust for others. Auditors do not manage asset; they merely audit as their primary business. Fund managers manage Collective Investment Schemes; that is managing portfolios of securities and futures or real estate trust for a group of people. Therefore they are service providers in the asset management industry. Stockbrokers buy and sell Collective Investments Schemes on behalf of clients and may also manage securities portfolio for clients. Therefore they are service providers in the asset management industry. Independent Financial Advisers (IFA) provides advice on buying and selling Collective Investment Schemes. Therefore they are service providers of the asset management industry.
錯誤
The definition of asset management is to manage securities and futures portfolio or real estate investment trust for others. Auditors do not manage asset; they merely audit as their primary business. Fund managers manage Collective Investment Schemes; that is managing portfolios of securities and futures or real estate trust for a group of people. Therefore they are service providers in the asset management industry. Stockbrokers buy and sell Collective Investments Schemes on behalf of clients and may also manage securities portfolio for clients. Therefore they are service providers in the asset management industry. Independent Financial Advisers (IFA) provides advice on buying and selling Collective Investment Schemes. Therefore they are service providers of the asset management industry.
提示
Reference Chapter:1.1.13
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8/673問題
8. 問題
1 分QID4:Which of the following is a financial service provided by a financial intermediary?
正確
Financial Intermediaries must be compensated in a financial transaction to be view as providing financial services. Setting up a tutorial company is not providing financial services to a third party because it is not a financial transaction. Managing assets for free is not a financial service since it is not compensated. Signing a rental agreement on behalf of a bank is not a financial service because rental agreement itself is not a financial instrument. Providing loans to others with interest is a form of financial service since it is a service in exchange for compensation in a financial transaction.
錯誤
Financial Intermediaries must be compensated in a financial transaction to be view as providing financial services. Setting up a tutorial company is not providing financial services to a third party because it is not a financial transaction. Managing assets for free is not a financial service since it is not compensated. Signing a rental agreement on behalf of a bank is not a financial service because rental agreement itself is not a financial instrument. Providing loans to others with interest is a form of financial service since it is a service in exchange for compensation in a financial transaction.
提示
Reference Chapter:1.1.14
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9/673問題
9. 問題
1 分QID1501:Which of the following are classified as investors in the asset management industry?
I. Private Banking Clients
II. Retail Clients
III. Institutions
IV. Sovereign states正確
Investors vary from individuals with limited wealth at their disposal to very large institutions handling over hundred millions of Hong Kong dollars, and include:
(a) private banking clients or high net worth individuals; (b) retail clients; and (c.) institutions.錯誤
Investors vary from individuals with limited wealth at their disposal to very large institutions handling over hundred millions of Hong Kong dollars, and include:
(a) private banking clients or high net worth individuals; (b) retail clients; and (c.) institutions.提示
Reference Chapter:1.1.15
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10/673問題
10. 問題
1 分QID1502:Which of the following are correct identification of Investors?
I. High Net Worth Investors
II. Retail Investors
III. Institutional investors
IV. Governmental Investors正確
Investors vary from individuals with limited wealth at their disposal to very large institutions handling over hundred millions of Hong Kong dollars, and include:
(a) private banking clients or high net worth individuals; (b) retail clients; and (c.) institutions.錯誤
Investors vary from individuals with limited wealth at their disposal to very large institutions handling over hundred millions of Hong Kong dollars, and include:
(a) private banking clients or high net worth individuals; (b) retail clients; and (c.) institutions.提示
Reference Chapter:1.1.15
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11/673問題
11. 問題
1 分QID903:Which of the following are not common objectives of financial regulators in Hong Kong?
I. Promote intervention to enhance international and local market confidence.
II. Provide investment advice to retail investors
III. Encourage the installation of a sound technical infrastructure for the functioning of the financial markets
IV. Ensure that the legal framework of financial regulation is certain, adequate and fairly enforced正確
Frequent Intervention is not an objective of financial regulators in Hong Kong. Providing Investment advice is not a job that regulators will do, it’s the job of intermediaries.
錯誤
Frequent Intervention is not an objective of financial regulators in Hong Kong. Providing Investment advice is not a job that regulators will do, it’s the job of intermediaries.
提示
Reference Chapter:1.1.16
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12/673問題
12. 問題
1 分QID908:Which of the following is one of the objectives of the SFO
正確
SFO treats all investors fairly and equally. Regulators should be transparent and its power should be in check.
錯誤
SFO treats all investors fairly and equally. Regulators should be transparent and its power should be in check.
提示
Reference Chapter:1.1.16
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13/673問題
13. 問題
1 分QID6:Which of the following is a primary objective of Hong Kong financial regulators?
正確
Encouraging the development of new products, operating profitable exchanges in Hong Kong and reducing trading hours are all actions. They are action verbs but not objective description. Objectives can only be objective description, therefore, these phrases can never be objectives and primary objective of Hong Kong financial regulators. Objectives are status that financial regulators hope for, enhancing confidence is an objective description that financial regulators hope for.
錯誤
Encouraging the development of new products, operating profitable exchanges in Hong Kong and reducing trading hours are all actions. They are action verbs but not objective description. Objectives can only be objective description, therefore, these phrases can never be objectives and primary objective of Hong Kong financial regulators. Objectives are status that financial regulators hope for, enhancing confidence is an objective description that financial regulators hope for.
提示
Reference Chapter:1.1.16
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14/673問題
14. 問題
1 分QID1503:The SFC commonly face challenges when carrying out the regulatory mandate given to it by the SFO with regard to the Asset Management Business. What are the reasons?
I. The investors investing in investment Schemes are not in Hong Kong
II. Custodians and trustees in collective investment schemes are not in Hong Kong
III. The management of investment schemes is not located in Hong Kong
IV. The operation of the Investment Scheme is not in Hong Kong正確
As the persons involved in the management, operation and holding of the assets under management are often not located in Hong Kong, this poses certain issues for the SFC in carrying out the regulatory mandate given to it by the SFO.
錯誤
As the persons involved in the management, operation and holding of the assets under management are often not located in Hong Kong, this poses certain issues for the SFC in carrying out the regulatory mandate given to it by the SFO.
提示
Reference Chapter:1.1.17
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15/673問題
15. 問題
1 分QID47:Which of the following are duties and functions of the Mandatory
Provident Fund Schemes Authority (MPFA) in MPF Schemes?
I. Registering MPF schemes
II. Approving Pooled Investment Schemes
III. Approving trustees and regulating the affairs and activities of such approved trustees
IV. Dealing with complaints about MPF products and approved trustees, and referring them to the SFC and other regulators for action where necessary正確
The MPFA has responsibility for: (a) registering mandatory provident fund (“MPF”) schemes; (b) approving pooled investment funds; (f) approving trustees and regulating the affairs and activities of such approved trustees; (g) dealing with complaints about MPF products and approved trustees, and referring them to the SFC and other regulators for action where necessary.
錯誤
The MPFA has responsibility for: (a) registering mandatory provident fund (“MPF”) schemes; (b) approving pooled investment funds; (f) approving trustees and regulating the affairs and activities of such approved trustees; (g) dealing with complaints about MPF products and approved trustees, and referring them to the SFC and other regulators for action where necessary.
提示
Reference Chapter:1.1.19
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16/673問題
16. 問題
1 分QID781:The principal regulator of the securities industry in Hong Kong is the
正確
The SFC was created by law under the Securities and Futures Commission Ordinance (now repealed and subsumed in the SFO). It is independent, meaning that it is not part of the Government machinery of the Civil Service or the ministerial system. Nevertheless, it reports to and is accountable to the Government as described in section 2 above.
錯誤
The SFC was created by law under the Securities and Futures Commission Ordinance (now repealed and subsumed in the SFO). It is independent, meaning that it is not part of the Government machinery of the Civil Service or the ministerial system. Nevertheless, it reports to and is accountable to the Government as described in section 2 above.
提示
Reference Chapter:1.1.2
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17/673問題
17. 問題
1 分QID788:Which of the following regulators in Hong Kong assumes responsibility for front-line regulation and discipline of participants of the securities and futures industry?
正確
Except in relation to the management of business risk, and the enforcement of their own listing, trading, clearing and settlement rules, HKEX, the exchanges and the clearing houses are not responsible for front-line prudential and conduct regulation of market participants, which is carried out by the SFC.
錯誤
Except in relation to the management of business risk, and the enforcement of their own listing, trading, clearing and settlement rules, HKEX, the exchanges and the clearing houses are not responsible for front-line prudential and conduct regulation of market participants, which is carried out by the SFC.
提示
Reference Chapter:1.1.2
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18/673問題
18. 問題
1 分QID172:Which of the following is an accurate description of Hong Kong’s financial regulatory structure?
正確
The broad points stated by the Securities Review Committee under Ian Hay Davison were
the need for:
(e) checks and balances on the system, with the exchanges being supervised by a
commission independent of the Government, with the Government only to intervene if
and when the Commission failed to regulate properly錯誤
The broad points stated by the Securities Review Committee under Ian Hay Davison were
the need for:
(e) checks and balances on the system, with the exchanges being supervised by a
commission independent of the Government, with the Government only to intervene if
and when the Commission failed to regulate properly提示
Reference Chapter:1.1.2
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19/673問題
19. 問題
1 分QID2832:Which of the following is not a financial regulator in Hong Kong?
正確
The Securities Commission option is wrong, the correct name is Securities and Futures Commission.
錯誤
The Securities Commission option is wrong, the correct name is Securities and Futures Commission.
提示
Reference Chapter:1.1.2
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20/673問題
20. 問題
1 分QID1181:What are the two regulatory authorities primarily involved in regulating the asset management industry
I. SFC
II. HKMA
III. SEHK
IV. HKEX正確
Under the SFO and the Banking Ordinance, AFIs, which are regulated by the HKMA and include banks, have to be registered with the SFC as registered institutions if they wish to carry out an SFC-RA.
錯誤
Under the SFO and the Banking Ordinance, AFIs, which are regulated by the HKMA and include banks, have to be registered with the SFC as registered institutions if they wish to carry out an SFC-RA.
提示
Reference Chapter:1.1.2
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21/673問題
21. 問題
1 分QID782:The SFC is a/an _______ in Hong Kong.
正確
The SFC was created by law under the Securities and Futures Commission Ordinance (now repealed and subsumed in the SFO). It is independent, meaning that it is not part of the
Government machinery of the Civil Service or the ministerial system. Nevertheless, it reports to and is accountable to the Government as described in section 2 above. It is considered the securities and futures market prime regulator.錯誤
The SFC was created by law under the Securities and Futures Commission Ordinance (now repealed and subsumed in the SFO). It is independent, meaning that it is not part of the
Government machinery of the Civil Service or the ministerial system. Nevertheless, it reports to and is accountable to the Government as described in section 2 above. It is considered the securities and futures market prime regulator.提示
Reference Chapter:1.1.2
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22/673問題
22. 問題
1 分QID1192:Insurance brokers should register with which of the following organizations?
正確
Insurance Brokers should apply for a licence with the Insurance Authority.
錯誤
Insurance Brokers should apply for a licence with the Insurance Authority.
提示
Reference Chapter:1.1.22
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23/673問題
23. 問題
1 分QID63:Which of the following are functions and duties of the SFC?
I. Supervise the securities and futures markets in Hong Kong
II. Regulate the securities and futures industries
III. Provide professional assistance to the government
IV. Supervise all settlement banks in Hong Kong正確
The functions and powers of the SFC are wide and are set out in s. 5, SFO. The principal functions are to:
(b) supervise, monitor and regulate the activities of:
(i) recognised exchange, clearing houses, exchange controllers and investor compensation companies or persons carrying on regulated activities; and
(ii) registered institutions that are regulated or to be regulated by the SFC under any relevant provisions.錯誤
The functions and powers of the SFC are wide and are set out in s. 5, SFO. The principal functions are to:
(b) supervise, monitor and regulate the activities of:
(i) recognised exchange, clearing houses, exchange controllers and investor compensation companies or persons carrying on regulated activities; and
(ii) registered institutions that are regulated or to be regulated by the SFC under any relevant provisions.提示
Reference Chapter:1.1.3
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24/673問題
24. 問題
1 分QID62:The major functions of the SFC include﹕
I. Supervise all of the activities conducted by Registered Institution
II. Promote, encourage and enforce the proper conduct, competence and integrity of persons carrying on regulated activities
III. Promote, encourage and enforce internal control and risk management systems by persons carrying on regulated activities, including registered institutions in the case of any regulated activities they conduct.
IV. Maintain market liquidity in the securities and futures markets.正確
The functions and powers of the SFC are wide and are set out in s. 5, SFO. The principal functions are to:
(c) promote, encourage and enforce the proper conduct, competence and integrity of persons carrying on regulated activities;
(g) promote, encourage and enforce internal control and risk management systems by persons carrying on regulated activities, including registered institutions in the case of any regulated activities they conduct.錯誤
The functions and powers of the SFC are wide and are set out in s. 5, SFO. The principal functions are to:
(c) promote, encourage and enforce the proper conduct, competence and integrity of persons carrying on regulated activities;
(g) promote, encourage and enforce internal control and risk management systems by persons carrying on regulated activities, including registered institutions in the case of any regulated activities they conduct.提示
Reference Chapter:1.1.3
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25/673問題
25. 問題
1 分QID61:Which of the following is a regulatory objective of the SFC?
正確
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(d) minimise crime and misconduct in the market.錯誤
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(d) minimise crime and misconduct in the market.提示
Reference Chapter:1.1.3
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26/673問題
26. 問題
1 分QID60:The regulator objectives of the SFC includes:
I. Consumer rights protection
II. Minimize crime and misconduct within the securities and futures industry.
III. Promote public’s understanding of the securities and futures industry.
IV. Provide advice on the enforcement of economic policies to the government正確
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(b) promote public’s understanding of the industry including its operation and functioning;
(d) minimise crime and misconduct in the market.錯誤
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(b) promote public’s understanding of the industry including its operation and functioning;
(d) minimise crime and misconduct in the market.提示
Reference Chapter:1.1.3
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27/673問題
27. 問題
1 分QID59:Under the SFO, which of the following are objectives of the SFO
I. Promote understanding by the public of financial services including the operation and functioning of the industry.
II. Ensure the regulatory standards are identical to international standards.
III. Check and approve new financial products.
IV. Minimize crime and misconduct within the industry.正確
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(b) promote public’s understanding of the industry including its operation and functioning;
(d) minimise crime and misconduct in the market錯誤
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(b) promote public’s understanding of the industry including its operation and functioning;
(d) minimise crime and misconduct in the market提示
Reference Chapter:1.1.3
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28/673問題
28. 問題
1 分QID58:Which of the following is a regulatory objective of the SFC?
I. Provide protection to the investing public
II. Reduce non-systematic risk in the industry
III. Assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the industry.
IV. Assist the HKMA in maintaining the stability of currency in
Hong Kong正確
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(c) provide protection to the investing public;
(f) assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the industry.錯誤
The objectives of the SFC in relation to the securities and futures industry, as stated in s. 4, SFO, are to:
(c) provide protection to the investing public;
(f) assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the industry.提示
Reference Chapter:1.1.3
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29/673問題
29. 問題
1 分QID787:Which of the following regulatory approach is adopted by the SFC?
正確
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
錯誤
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
提示
Reference Chapter:1.1.3
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30/673問題
30. 問題
1 分QID1493:Which of the following are the principles guiding the SFC’s work?
I. Pragmatism
II. Protection of Directors and Senior Management
III. Fair and consistent application of the law and rules
IV. Efficiency of operation,正確
The SFC’s operations are subject to both internal control processes and, externally, judicial review and the scrutiny of the Process Review Panel, a panel established by the Government. The decisions of the SFC are also subject to an appeal process.
As regards the SFC’s treatment of breaches, the SFC has indicated that it will adopt a pragmatic approach and take all relevant factors into account, for example, the size of the business or the use of any management and supervisory measures to compensate for the apparent failure to meet any specified requirement.
The SFC has adopted the following as a statement of its mission: “To strengthen and protect the integrity and soundness of the Hong Kong securities and futures markets for the benefit of investors and the industry”.錯誤
The SFC’s operations are subject to both internal control processes and, externally, judicial review and the scrutiny of the Process Review Panel, a panel established by the Government. The decisions of the SFC are also subject to an appeal process.
As regards the SFC’s treatment of breaches, the SFC has indicated that it will adopt a pragmatic approach and take all relevant factors into account, for example, the size of the business or the use of any management and supervisory measures to compensate for the apparent failure to meet any specified requirement.
The SFC has adopted the following as a statement of its mission: “To strengthen and protect the integrity and soundness of the Hong Kong securities and futures markets for the benefit of investors and the industry”.提示
Reference Chapter:1.1.3
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31/673問題
31. 問題
1 分QID1492:“While the SFC has firm principles of regulation on which it operates, it seeks to maintain an open dialogue with the industry to achieve an appropriate degree of flexibility within the boundaries of those principles.” is describing which principle of the SFC?
正確
The SFC seeks to work in partnership with the industry it regulates, encouraging a two-way dialogue that fosters a forum for an exchange of views and that encourages a strong regulator/regulate relationship.
錯誤
The SFC seeks to work in partnership with the industry it regulates, encouraging a two-way dialogue that fosters a forum for an exchange of views and that encourages a strong regulator/regulate relationship.
提示
Reference Chapter:1.1.3
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32/673問題
32. 問題
1 分QID1490:Which of the following is not a principle guiding the SFC’s work?
正確
The SFC seeks to work in partnership with the industry it regulates, encouraging a two-way dialogue that fosters a forum for an exchange of views and that encourages a strong regulator/regulate relationship.
In seeking the right balance, the SFC consults both industry practitioners and the public on proposed regulatory developments.
Rather than implement detailed standards, the SFC focuses on a higher-level articulation of what the SFC expects registered and licensed persons to do. This allows standards to be maintained for a variety of scenarios in a fast-changing marketplace, and enables businesses to decide how best to secure compliance with regulations having regard to their particular business context.錯誤
The SFC seeks to work in partnership with the industry it regulates, encouraging a two-way dialogue that fosters a forum for an exchange of views and that encourages a strong regulator/regulate relationship.
In seeking the right balance, the SFC consults both industry practitioners and the public on proposed regulatory developments.
Rather than implement detailed standards, the SFC focuses on a higher-level articulation of what the SFC expects registered and licensed persons to do. This allows standards to be maintained for a variety of scenarios in a fast-changing marketplace, and enables businesses to decide how best to secure compliance with regulations having regard to their particular business context.提示
Reference Chapter:1.1.3
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33/673問題
33. 問題
1 分QID802:Which of the following are powers that the SFC may NOT delegate to others?
I. Making subsidiary legislations.
II. Establishing committees.
III. Suspending exchange companies.
IV. Intervene in the business operation of registered institutions.正確
In addition, the SFO provides that it may not delegate certain functions of the SFC to others. They are detailed in Schedule 2, Part 2, SFO. They include powers:
(a) to make subsidiary legislation;
(b) to establish committees under s. 8, SFO;
(c.) to suspend exchange companies;
(d) to appoint external investigators; and
(e.) to intervene in the business operations of licensed corporations.錯誤
In addition, the SFO provides that it may not delegate certain functions of the SFC to others. They are detailed in Schedule 2, Part 2, SFO. They include powers:
(a) to make subsidiary legislation;
(b) to establish committees under s. 8, SFO;
(c.) to suspend exchange companies;
(d) to appoint external investigators; and
(e.) to intervene in the business operations of licensed corporations.提示
Reference Chapter:1.1.3
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34/673問題
34. 問題
1 分QID57:The SFC﹕
I. Reports to the government
II. Was formed under the Securities and Futures Ordinance
III. Is not responsible for licensing of intermediaries
IV. Is a part of the government正確
The SFC was created by law under the Securities and Futures Commission Ordinance (now repealed and subsumed in the SFO). It is independent, meaning that it is not part of the
Government machinery of the Civil Service or the ministerial system. Nevertheless, it reports to and is accountable to the Government as described in section 2 above.錯誤
The SFC was created by law under the Securities and Futures Commission Ordinance (now repealed and subsumed in the SFO). It is independent, meaning that it is not part of the
Government machinery of the Civil Service or the ministerial system. Nevertheless, it reports to and is accountable to the Government as described in section 2 above.提示
Reference Chapter:1.1.3
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35/673問題
35. 問題
1 分QID105:Which of the following organization is responsible for front-line prudential and conduct regulation of market participants?
正確
Except in relation to the management of business risk, and the enforcement of their own listing, trading, clearing and settlement rules, HKEX, the exchanges and the clearing houses are not responsible for front-line prudential and conduct regulation of market participants, which is carried out by the SFC.
錯誤
Except in relation to the management of business risk, and the enforcement of their own listing, trading, clearing and settlement rules, HKEX, the exchanges and the clearing houses are not responsible for front-line prudential and conduct regulation of market participants, which is carried out by the SFC.
提示
Reference Chapter:1.1.3
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36/673問題
36. 問題
1 分QID10:Which system or philosophy of regulations is adopted by the SFC to regulate securities and futures markets?
正確
SFC adopts a“risk-based”approach towards regulations. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
錯誤
SFC adopts a“risk-based”approach towards regulations. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
提示
Reference Chapter:1.1.3
-
37/673問題
37. 問題
1 分QID8:Which two of the following philosophies and systems of regulations are commonly used by financial regulators in Hong Kong?
I. Merit Based
II. Sanction Based
III. Disclosure Based
IV. Income Based正確
Sanction Based regulations and Income Based regulations do not exist in Hong Kong. Merit Based regulations is to reduce access to unfavourable investment products or projects by investors. The interest of investors are protected by doing so. Disclosure Based regulations require investment products and projects disclose their strengths and weaknesses maximally, so that investors can make an informed decision.
錯誤
Sanction Based regulations and Income Based regulations do not exist in Hong Kong. Merit Based regulations is to reduce access to unfavourable investment products or projects by investors. The interest of investors are protected by doing so. Disclosure Based regulations require investment products and projects disclose their strengths and weaknesses maximally, so that investors can make an informed decision.
提示
Reference Chapter:1.1.3
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38/673問題
38. 問題
1 分QID783:What approach does the SFC take to regulate market intermediaries?
正確
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
錯誤
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
提示
Reference Chapter:1.1.3
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39/673問題
39. 問題
1 分QID784:A risk-based regulatory system refers to a system in which:
正確
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
錯誤
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
提示
Reference Chapter:1.1.3
-
40/673問題
40. 問題
1 分QID785:The SFC regime adopts which of the following regulatory approaches?
正確
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
錯誤
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
提示
Reference Chapter:1.1.3
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41/673問題
41. 問題
1 分QID786:Which of the following regulatory approaches adopted by the SFC is given more regulatory attention towards the areas where the SFC perceives the highest risks to lie?
正確
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
錯誤
An expression used by the SFC to explain its approach to regulation is that it is “risk-based”. This basically means that regulation is weighted towards the areas that pose the greatest risk to the markets and the participants.
提示
Reference Chapter:1.1.3
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42/673問題
42. 問題
1 分QID2676:Whats the objective of SFC requiring the disclosure of rights?
正確
Disclosure requiremetns are in place to enhance transperancy
錯誤
Disclosure requiremetns are in place to enhance transperancy
提示
Reference Chapter:1.1.3
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43/673問題
43. 問題
1 分QID2680:Which of the following description does not fit financial regulators in Hong Kong?
正確
Decisions made by the regulators can be overturned or overruled.
錯誤
Decisions made by the regulators can be overturned or overruled.
提示
Reference Chapter:1.1.3
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44/673問題
44. 問題
1 分QID1496: Which of the following is not a general principle that reflects the SFC’s approach to regulating asset management?
正確
The SFC’s operations are subject to both internal control processes and, externally, judicial review and the scrutiny of the Process Review Panel, a panel established by the Government. The decisions of the SFC are also subject to an appeal process.
As regards the SFC’s treatment of breaches, the SFC has indicated that it will adopt a pragmatic approach and take all relevant factors into account, for example, the size of the business or the use of any management and supervisory measures to compensate for the apparent failure to meet any specified requirement.
The SFC has adopted the following as a statement of its mission: “To strengthen and protect the integrity and soundness of the Hong Kong securities and futures markets for the benefit of investors and the industry”.錯誤
The SFC’s operations are subject to both internal control processes and, externally, judicial review and the scrutiny of the Process Review Panel, a panel established by the Government. The decisions of the SFC are also subject to an appeal process.
As regards the SFC’s treatment of breaches, the SFC has indicated that it will adopt a pragmatic approach and take all relevant factors into account, for example, the size of the business or the use of any management and supervisory measures to compensate for the apparent failure to meet any specified requirement.
The SFC has adopted the following as a statement of its mission: “To strengthen and protect the integrity and soundness of the Hong Kong securities and futures markets for the benefit of investors and the industry”.提示
Reference Chapter:1.1.3
-
45/673問題
45. 問題
1 分QID999:Mr Liu has advertised himself in multiple newspapers in Hong Kong. He claimed to be a futures contracts expert and can assist clients in dealing with foreign futures contracts. As a matter of fact, Mr Liu was not licenced by or registered with the SFC. Had he done anything wrong?
正確
To advertise oneself as operating a regulated activity is the same as operating a regulated activity. Conducting a regulated activity without licence or registration is against the SFO.
錯誤
To advertise oneself as operating a regulated activity is the same as operating a regulated activity. Conducting a regulated activity without licence or registration is against the SFO.
提示
Reference Chapter:1.1.3
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46/673問題
46. 問題
1 分QID1494:What is the primary function of Registered Institution in the Asset Management Business?
正確
Many AFIs participate in the fund management industry as distributors of CISs products. Accordingly, the HKMA, in its capacity as the banking regulatory authority, is concerned with the asset management industry insofar as it affects AFIs engaged in the regulated activity of asset management, i.e. registered institutions.
錯誤
Many AFIs participate in the fund management industry as distributors of CISs products. Accordingly, the HKMA, in its capacity as the banking regulatory authority, is concerned with the asset management industry insofar as it affects AFIs engaged in the regulated activity of asset management, i.e. registered institutions.
提示
Reference Chapter:1.1.4
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47/673問題
47. 問題
1 分QID45:Which of the following are primary functions of the MPFA?
I. Approving fund managers of the investment products of MPF Schemes
II. Regulating supervise and monitoring MPF Schemes
III. Monitoring compliance with the MPFSO
IV. Authorizing the offer documents and marketing materials of the investment products of the MPF prior to their issue or publication正確
The MPFA has responsibility for: (d) ongoing monitoring of compliance by MPF products with the Mandatory Provident
Fund Schemes Ordinance (“MPFSO”); (e) investigating alleged breaches of the provisions of the MPFSO;錯誤
The MPFA has responsibility for: (d) ongoing monitoring of compliance by MPF products with the Mandatory Provident
Fund Schemes Ordinance (“MPFSO”); (e) investigating alleged breaches of the provisions of the MPFSO;提示
Reference Chapter:1.1.5
-
48/673問題
48. 問題
1 分QID44:The Mandatory Provident Fund Authority (MPFA) was established under the
正確
The MPFA is the primary regulator for the MPF system under the MPFSO, and is responsible for the overall management and administration of the MPF system, including the registration and regulation of the various schemes established under the ordinance.
錯誤
The MPFA is the primary regulator for the MPF system under the MPFSO, and is responsible for the overall management and administration of the MPF system, including the registration and regulation of the various schemes established under the ordinance.
提示
Reference Chapter:1.1.5
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49/673問題
49. 問題
1 分QID48:Which of the following activities is Mandatory Provident Fund Schemes Authority (“MPFA”) responsible for ?
正確
The MPFA has responsibility for: (f) approving MPF trustees and regulating the affairs and activities of such approved trustees.
錯誤
The MPFA has responsibility for: (f) approving MPF trustees and regulating the affairs and activities of such approved trustees.
提示
Reference Chapter:1.1.5
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50/673問題
50. 問題
1 分QID51:Which of the following matters is the Securities and Futures Commission (SFC) responsible for relating to Mandatory Provident Fund (MPF) products?
I. Authorisation of the offering documents for the investment products of MPF Schemes.
II. Licensing of investment managers of investment products of MPF Schemes.
III. Regulate, supervise and monitor MPF Schemes
IV. Registration of employer sponsored MPF schemes for employers.正確
Certain responsibilities of the MPFA interlink with the particular responsibilities of the SFC, which are:
(a) vetting and authorising MPF products and related marketing materials in accordance with the provisions of the SFC Code on MPF Products and the relevant ordinances (including the SFO);
(b) registering and approving investment managers and continued monitoring of their conduct in the investment management of MPF products錯誤
Certain responsibilities of the MPFA interlink with the particular responsibilities of the SFC, which are:
(a) vetting and authorising MPF products and related marketing materials in accordance with the provisions of the SFC Code on MPF Products and the relevant ordinances (including the SFO);
(b) registering and approving investment managers and continued monitoring of their conduct in the investment management of MPF products提示
Reference Chapter:1.1.5
-
51/673問題
51. 問題
1 分QID1495:The Mandatory Provident Fund Schemes Authority (MPFA) does NOT have which ONE of the following objectives?
正確
It is not an obligation on the MPFA’s part to ensure that the schemes are operated to maximise the capital or income growth specified in the objectives of the schemes.
錯誤
It is not an obligation on the MPFA’s part to ensure that the schemes are operated to maximise the capital or income growth specified in the objectives of the schemes.
提示
Reference Chapter:1.1.7
-
52/673問題
52. 問題
1 分QID1497:Which of the following is not a general principles followed by the
MPFA?正確
It is not an obligation on the MPFA’s part to ensure that the schemes are operated to maximise the capital or income growth specified in the objectives of the schemes, or to advise on, or ensure, the employers’ and scheme members’ choice of the best schemes/funds to achieve their objectives.
錯誤
It is not an obligation on the MPFA’s part to ensure that the schemes are operated to maximise the capital or income growth specified in the objectives of the schemes, or to advise on, or ensure, the employers’ and scheme members’ choice of the best schemes/funds to achieve their objectives.
提示
Reference Chapter:1.1.7
-
53/673問題
53. 問題
1 分QID1193:The Insurance Authority is responsible for prudential supervision of the insurance industry, it seeks to
I. ensure the financial stability of the industry
II. promote a high level efficiency in the administration of the industry
III. encourage the professionalism of the fund managers participating in insurance-related business, the insurance agents and brokers
IV. achieve the best balance between its overall supervision and the maximum effective self-regulation of the industry through
self-regulatory organizations正確
The Insurance Authority has the following major duties and powers:
(a) the authorization and regulation of insurers;
(b) the regulation of insurance agents, who must be appointed by an insurer and registered with the Insurance Agents Registration Board, established by The Hong Kong Federation of Insurers. The agents are not directly authorised or supervised by the Insurance Authority. Supervision is by the appointing insurers, who are required to comply with the Code of Practice for the Administration of Insurance Agents issued by The Hong Kong Federation of Insurers and approved by the Insurance Authority;
(c) the regulation of insurance brokers, who may obtain authorization from the Insurance Authority or from one of two bodies approved by the Insurance Authority, the Hong Kong
Confederation of Insurance Brokers and the Professional Insurance Brokers Association. These bodies are charged with the responsibility of ensuring that their members comply with the statutory requirements and that the interests of policy holders are properly protected; they also handle complaints; and
(d) the promotion of self-regulation by the industry and the maintenance of close contact with the industry through a consultative process.錯誤
The Insurance Authority has the following major duties and powers:
(a) the authorization and regulation of insurers;
(b) the regulation of insurance agents, who must be appointed by an insurer and registered with the Insurance Agents Registration Board, established by The Hong Kong Federation of Insurers. The agents are not directly authorised or supervised by the Insurance Authority. Supervision is by the appointing insurers, who are required to comply with the Code of Practice for the Administration of Insurance Agents issued by The Hong Kong Federation of Insurers and approved by the Insurance Authority;
(c) the regulation of insurance brokers, who may obtain authorization from the Insurance Authority or from one of two bodies approved by the Insurance Authority, the Hong Kong
Confederation of Insurance Brokers and the Professional Insurance Brokers Association. These bodies are charged with the responsibility of ensuring that their members comply with the statutory requirements and that the interests of policy holders are properly protected; they also handle complaints; and
(d) the promotion of self-regulation by the industry and the maintenance of close contact with the industry through a consultative process.提示
Reference Chapter:1.1.8
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54/673問題
54. 問題
1 分QID40:What is the most material difference between the Insurance Authority and other regulators?
正確
The Insurance Authority has the following major duties and powers:
(d) the promotion of self-regulation by the industry and the maintenance of close contact with the industry through a consultative process.錯誤
The Insurance Authority has the following major duties and powers:
(d) the promotion of self-regulation by the industry and the maintenance of close contact with the industry through a consultative process.提示
Reference Chapter:1.1.9
-
55/673問題
55. 問題
1 分QID1237:Which of the following descriptions about corporate governance are correct?
I. It can be seen as primarily concerned with the proper relationship between a company’s management, its board and its shareholders, and possibly also its stakeholders.
II. The governance issue is also concerned with the system by which companies are directed and controlled.
III. The activities of intermediaries frequently concern listed corporations. Accordingly, in addition to considering their own regulatory and corporate governance position, intermediaries need to be aware of the wider impact of corporate governance on their clients and the market.
IV. Markets which exhibit a higher degree of good corporate governance are regarded as more competitive in the international arena.正確
Corporate governance has been defined in various ways. It can be seen as primarily concerned with the proper relationship between a company’s management, its board and its shareholders, and possibly also its stakeholders (i.e. groups who have a stake in the healthy existence of a corporation, such as employees, creditors and customers). The governance issue is therefore also concerned with the system by which companies are directed and controlled.
The activities of intermediaries frequently concern listed corporations. Accordingly, in addition to considering their own regulatory and corporate governance position, intermediaries need to be aware of the wider impact of corporate governance on their clients and the market. It is now generally accepted that investors attach considerable importance to corporate governance when assessing the value of a stock, and that markets which exhibit a higher degree of good corporate governance are regarded as more competitive in the international arena.錯誤
Corporate governance has been defined in various ways. It can be seen as primarily concerned with the proper relationship between a company’s management, its board and its shareholders, and possibly also its stakeholders (i.e. groups who have a stake in the healthy existence of a corporation, such as employees, creditors and customers). The governance issue is therefore also concerned with the system by which companies are directed and controlled.
The activities of intermediaries frequently concern listed corporations. Accordingly, in addition to considering their own regulatory and corporate governance position, intermediaries need to be aware of the wider impact of corporate governance on their clients and the market. It is now generally accepted that investors attach considerable importance to corporate governance when assessing the value of a stock, and that markets which exhibit a higher degree of good corporate governance are regarded as more competitive in the international arena.提示
Reference Chapter:1.10.
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56/673問題
56. 問題
1 分QID2441:A good corporate-governance is not related to which of the following people?
正確
A good corporate-governance is not related to former employees.
錯誤
A good corporate-governance is not related to former employees.
提示
Reference Chapter:1.10.1
-
57/673問題
57. 問題
1 分QID1239:Corporate governance describes which of the following relationship?
正確
Corporate governance has been defined in various ways. It can be seen as primarily concerned with the proper relationship between a company’s management, its board and its shareholders, and possibly also its stakeholders (i.e. groups who have a stake in the healthy existence of a corporation, such as employees, creditors and customers).
錯誤
Corporate governance has been defined in various ways. It can be seen as primarily concerned with the proper relationship between a company’s management, its board and its shareholders, and possibly also its stakeholders (i.e. groups who have a stake in the healthy existence of a corporation, such as employees, creditors and customers).
提示
Reference Chapter:1.10.1
-
58/673問題
58. 問題
1 分QID1684:Good Corporate governance are not required to be responsible for the interest of which of the following
正確
Good Corporate governance are not required to be responsible for the interest of Former Employees.
錯誤
Good Corporate governance are not required to be responsible for the interest of Former Employees.
提示
Reference Chapter:1.10.1
-
59/673問題
59. 問題
1 分QID509:Corporate governance refers to the system of by which companies are directed and controlled and concerns which of the following groups of people?
I. Company management.
II. Board of Directors.
III. Shareholders.
IV. Stakeholders.正確
Corporate governance has been defined in various ways. It can be seen as primarily concerned with the proper relationship between a company’s management, its board and its shareholders, and possibly also its stakeholders (i.e. groups who have a stake in the healthy existence of a corporation, such as employees, creditors and customers).
錯誤
Corporate governance has been defined in various ways. It can be seen as primarily concerned with the proper relationship between a company’s management, its board and its shareholders, and possibly also its stakeholders (i.e. groups who have a stake in the healthy existence of a corporation, such as employees, creditors and customers).
提示
Reference Chapter:1.10.1
-
60/673問題
60. 問題
1 分QID1508:The Securities and Futures Commission (SFC) uses which of the following general principles in regulating asset management?
I. It recognises overseas jurisdictions with acceptable regimes as domiciles for authorised collective investment schemes (CIS).
II. It recognises supervision by specified inspection regimes overseas of management companies located in the respective jurisdictions as acceptable for its purposes.
III. It employs a consultative process involving the industry before making significant regulatory changes.
IV. It seeks to protect the interests of all investors in authorised CIS in Hong Kong and overseas.正確
Certain jurisdictions are deemed to have rules governing the operations of CISs which are comparable with those in Hong Kong; schemes domiciled in such jurisdictions are RJSs.
In order to facilitate compliance with applicable legal and regulatory requirements (in Hong Kong and, where applicable, in overseas jurisdictions), there is a growing tendency, particularly among larger asset managers, to adopt a detailed compliance manual which sets out the asset manager’s policies and procedures in relation to matters of regulatory concern.錯誤
Certain jurisdictions are deemed to have rules governing the operations of CISs which are comparable with those in Hong Kong; schemes domiciled in such jurisdictions are RJSs.
In order to facilitate compliance with applicable legal and regulatory requirements (in Hong Kong and, where applicable, in overseas jurisdictions), there is a growing tendency, particularly among larger asset managers, to adopt a detailed compliance manual which sets out the asset manager’s policies and procedures in relation to matters of regulatory concern.提示
Reference Chapter:1.10.10
-
61/673問題
61. 問題
1 分QID1244:In order to facilitate compliance with applicable legal and regulatory requirements in Hong Kong and overseas jurisdictions, which of the following measures can intermediaries take for better coordination?
I. Engage a dedicated compliance officer to oversee adherence to the compliance manual.
II. Appoint a director to serve as a Compliance Officer to oversee adherence to the compliance manual.
III. Maintain close contact with the regulators.
IV. Complement the manual with well defined operational procedures and practices.正確
In order to facilitate compliance with applicable legal and regulatory requirements (in Hong Kong and, where applicable, in overseas jurisdictions), there is a growing tendency to adopt a detailed compliance manual which sets out the securities dealer’s or adviser’s policies and procedures in relation to matters of regulatory concern. In many cases, a dedicated compliance officer is engaged to oversee adherence to the manual, maintain close contact with the regulators and keep abreast of regulatory developments affecting the securities dealer’s or adviser’s business.
錯誤
In order to facilitate compliance with applicable legal and regulatory requirements (in Hong Kong and, where applicable, in overseas jurisdictions), there is a growing tendency to adopt a detailed compliance manual which sets out the securities dealer’s or adviser’s policies and procedures in relation to matters of regulatory concern. In many cases, a dedicated compliance officer is engaged to oversee adherence to the manual, maintain close contact with the regulators and keep abreast of regulatory developments affecting the securities dealer’s or adviser’s business.
提示
Reference Chapter:1.10.10
-
62/673問題
62. 問題
1 分QID1509:Asset management companies should carry which of the following functions to facilitate compliance with applicable laws and regulations?
I. Assign designated compliance officers
II. Prepare a set of written compliance procedures, operational procedures and manuals
III. Encourage the use of mobile phones and instant messaging system to enhance workplace communication efficiency
IV. Ban the use of paper-based instructions between departments to minimize human errors正確
In order to facilitate compliance with applicable legal and regulatory requirements (in Hong Kong and, where applicable, in overseas jurisdictions), there is a growing tendency, particularly among larger asset managers, to adopt a detailed compliance manual which sets out the asset manager’s policies and procedures in relation to matters of regulatory concern. In many cases, a dedicated compliance officer is appointed who oversees adherence to the manual and also maintains close contact with the regulators and keeps abreast of regulatory developments affecting the asset manager’s business.
錯誤
In order to facilitate compliance with applicable legal and regulatory requirements (in Hong Kong and, where applicable, in overseas jurisdictions), there is a growing tendency, particularly among larger asset managers, to adopt a detailed compliance manual which sets out the asset manager’s policies and procedures in relation to matters of regulatory concern. In many cases, a dedicated compliance officer is appointed who oversees adherence to the manual and also maintains close contact with the regulators and keeps abreast of regulatory developments affecting the asset manager’s business.
提示
Reference Chapter:1.10.10
-
63/673問題
63. 問題
1 分QID1629:VitaSauce is a corporation planning to be listed on the SEHK. VitaSauce has been in losses in the past 3 years, and profited over one billion in the recent year. Yet, there was less than 10 million cash flow in these 3 years. Investment bankers estimated that if VitaSauce is listed, the market value will be over 6 billion. Which of the following quantitative tests is more likely to be applied on VitaSauce?
正確
The issuer must satisfy at least one of the following quantitative tests: profit test; market capitalisation/revenue/cash flow test; market capitalisation/revenue test.
The issuer must have a market capitalisation of at least HK$4 billion at the time of listing, and revenue of at least HK$500 million for the most recent audited financial year.錯誤
The issuer must satisfy at least one of the following quantitative tests: profit test; market capitalisation/revenue/cash flow test; market capitalisation/revenue test.
The issuer must have a market capitalisation of at least HK$4 billion at the time of listing, and revenue of at least HK$500 million for the most recent audited financial year.提示
Reference Chapter:1.10.3
-
64/673問題
64. 問題
1 分QID1241:The primary objective of good corporate governance is to:
正確
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company.
錯誤
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company.
提示
Reference Chapter:1.10.5
-
65/673問題
65. 問題
1 分QID929:Which of the following are not examples of good corporate governance?
I. Set up remuneration committee to control the remuneration of management.
II. Assign the management to multiple roles to cut cost.
III. Offer high degree of discretionary powers to the management to allow them to enhance efficiency.
IV. Install check and balances to limited the power of the management正確
The essence of corporate governance is to enhance transparency and check and balance. The powers of the management should be limited, therefore, installation of check and balances and limiting the management’s remuneration are good practices.
錯誤
The essence of corporate governance is to enhance transparency and check and balance. The powers of the management should be limited, therefore, installation of check and balances and limiting the management’s remuneration are good practices.
提示
Reference Chapter:1.10.5
-
66/673問題
66. 問題
1 分QID1242:A company may improve its corporate governance through the following means with the exception of:
正確
Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances, such as separating the functions of the chairman and chief executive officer, appointment of independent non-executive directors, establishment of independent audit committees, and setting up committees to control the remuneration and benefits of directors and senior management;
(b) increasing transparency and disclosure to shareholders, stakeholders and the public;
(d) installing strong protective structures for minority shareholders, creditors and other lenders錯誤
Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances, such as separating the functions of the chairman and chief executive officer, appointment of independent non-executive directors, establishment of independent audit committees, and setting up committees to control the remuneration and benefits of directors and senior management;
(b) increasing transparency and disclosure to shareholders, stakeholders and the public;
(d) installing strong protective structures for minority shareholders, creditors and other lenders提示
Reference Chapter:1.10.5
-
67/673問題
67. 問題
1 分QID510:Corporate governance includes which of the following features?
I. The recruitment of experienced executive directors who are realistically rewarded to ensure that the business is run
efficiently.
II. The installation of a well regulated structure incorporating close and detailed top managerial supervision of day-to-day
operations of the business.
III. The recruitment of experienced non-executive directors with the objective of ensuring a good balance between executive
and non-executive directors.
IV. Installation of audit and remuneration committees who will ensure independent audits and fair performance geared reward structures.正確
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company. Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances, such as separating the functions of Chairman and CEO; appointment of independent non-executive directors; establishment of independent audit committees; setting up committees to control the remuneration and benefits of directors and senior management.錯誤
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company. Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances, such as separating the functions of Chairman and CEO; appointment of independent non-executive directors; establishment of independent audit committees; setting up committees to control the remuneration and benefits of directors and senior management.提示
Reference Chapter:1.10.5
-
68/673問題
68. 問題
1 分QID1240:Which of the following is NOT a probable measure that can be taken to improve corporate governance?
正確
It’s not required to protect the interests of the management.
錯誤
It’s not required to protect the interests of the management.
提示
Reference Chapter:1.10.5
-
69/673問題
69. 問題
1 分QID511:Which of the following measures reflect effective corporate governance?
I. Installing appropriate checks and balances.
II. Increasing transparency and disclosure to shareholders , stakeholders and the public.
III. Adopting international accounting and auditing standards.
IV. Installing strong protective structures for minority shareholders, creditors and other lenders.正確
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company. Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances.
(b) increasing transparency and disclosure to shareholders, stakeholders and the public;
(c) adopting international accounting and auditing standards;
(d) installing strong protective structures for minority shareholders, creditors and other lenders.錯誤
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company. Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances.
(b) increasing transparency and disclosure to shareholders, stakeholders and the public;
(c) adopting international accounting and auditing standards;
(d) installing strong protective structures for minority shareholders, creditors and other lenders.提示
Reference Chapter:1.10.5
-
70/673問題
70. 問題
1 分QID512:Good governance practices can include which of the following ways?
I. Installing appropriate checks and balances on the board of
directors and senior management.
II. Having sufficient transparency and disclosure of important facts and information to stakeholders.
III. Installing strong protective structures for majority shareholder.
IV. Identifying and penalizing corporate wrongdoing.正確
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company. Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances.
(b) increasing transparency and disclosure to shareholders, stakeholders and the public;
(c) installing strong protective structures for minority shareholders, creditors and other lenders.
(d) identifying and penalising corporate wrongdoing.錯誤
A key objective of good governance in any corporate business is to avoid management taking improper advantage of its position to benefit itself in preference to the legitimate interests of the company. Having regard to the general concepts set out by the OECD, some of the ways a company may improve its governance are as follows:
(a) installing appropriate checks and balances.
(b) increasing transparency and disclosure to shareholders, stakeholders and the public;
(c) installing strong protective structures for minority shareholders, creditors and other lenders.
(d) identifying and penalising corporate wrongdoing.提示
Reference Chapter:1.10.5
-
71/673問題
71. 問題
1 分QID971:Good corporate governance should separate the functions of
正確
Good corporate governance should separate the functions of Chairman and CEO.
錯誤
Good corporate governance should separate the functions of Chairman and CEO.
提示
Reference Chapter:1.10.5
-
72/673問題
72. 問題
1 分QID2757:Which of the following is a concept provided by the Organisation for Economic Co-operation and Development that a company can improve the level of corporate governance?
I. Distinguish between the Chief Executive Officer and the Chairman of the Board
II. Enhance transparency disclosure to shareholders and stakeholders
III. Establish a compensation committee to monitor senior management compensation
IV. Establish a robust protection structure for minority shareholders, creditors or other stakeholders正確
The Organisation for Economic Co-operation and Development offers the concept that companies can improve the level of corporate governance by the following methods:
I. Distinguish between the Chief Executive Officer and the Chairman
II. Enhance transparency disclosure to shareholders and stakeholders
III. Establish a compensation committee to monitor senior management compensation
IV. Establish a strong protection structure for minority shareholders, creditors, or other stakeholders
V. Establish an independent audit committee
VI. Identify business misconduct
VII. Adopt international accounting and auditing standards錯誤
The Organisation for Economic Co-operation and Development offers the concept that companies can improve the level of corporate governance by the following methods:
I. Distinguish between the Chief Executive Officer and the Chairman
II. Enhance transparency disclosure to shareholders and stakeholders
III. Establish a compensation committee to monitor senior management compensation
IV. Establish a strong protection structure for minority shareholders, creditors, or other stakeholders
V. Establish an independent audit committee
VI. Identify business misconduct
VII. Adopt international accounting and auditing standards提示
Reference Chapter:1.10.5
-
73/673問題
73. 問題
1 分QID1238:To promote, encourage and enforce good compliance practices. Senior management of Licensed Corporations (LC)s and Registered Institutions (RI)s must establish:
I. Good line and reporting structures.
II. Well defined functions and responsibilities.
III. Effective communications channels.
IV. Appropriate transparency and disclosure practices.正確
Senior management must provide the leadership and drive to promote, encourage and enforce, if necessary, good compliance practices. It must establish:
(a) good line and reporting structures;
(b) clearly defined functions and responsibilities;
(c.) effective communications;
(d) appropriate transparency and disclosure practices.錯誤
Senior management must provide the leadership and drive to promote, encourage and enforce, if necessary, good compliance practices. It must establish:
(a) good line and reporting structures;
(b) clearly defined functions and responsibilities;
(c.) effective communications;
(d) appropriate transparency and disclosure practices.提示
Reference Chapter:1.10.5
-
74/673問題
74. 問題
1 分QID2718:Which of the following is not a common consequence of inadequate corporate governance standards?
正確
Common consequences of deficit in corporate governance standards:
I. Insider trading and other forms of market misconduct
II. Misfeasance, fraud, and misconduct by directors, managers, and other staff causing losses to the company or shareholders
IV. The price of the connected transaction deviates from the market price, causing losses to the company and shareholders錯誤
Common consequences of deficit in corporate governance standards:
I. Insider trading and other forms of market misconduct
II. Misfeasance, fraud, and misconduct by directors, managers, and other staff causing losses to the company or shareholders
IV. The price of the connected transaction deviates from the market price, causing losses to the company and shareholders提示
Reference Chapter:1.10.6
-
75/673問題
75. 問題
1 分QID1243:The SFC performs its regulatory mandate to supervise the industry through which of the following means?
I. Regular inspections, including on-site inspections.
II. Unscheduled inspections, including on-site inspections.
III. Obtaining information from Licensed Corporations (LC)s.
IV. Obtaining information from the Registered Institutions (RI)s.正確
In furtherance of these aims, the SFC conducts regular inspections of licensed corporations which may be conducted either on-site or via a request for information to be provided. The maintenance of proper documentation is critical in this regard.
錯誤
In furtherance of these aims, the SFC conducts regular inspections of licensed corporations which may be conducted either on-site or via a request for information to be provided. The maintenance of proper documentation is critical in this regard.
提示
Reference Chapter:1.10.7
-
76/673問題
76. 問題
1 分QID49:Which of the following statements is incorrect?
正確
Certain responsibilities of the MPFA interlink with the particular responsibilities of the SFC, which are: (a) vetting and authorising MPF products and related marketing materials in accordance
with the provisions of the SFC Code on MPF Products and the relevant ordinances (including the SFO). This means the IA doesn’t regulate MPF products at all.錯誤
Certain responsibilities of the MPFA interlink with the particular responsibilities of the SFC, which are: (a) vetting and authorising MPF products and related marketing materials in accordance
with the provisions of the SFC Code on MPF Products and the relevant ordinances (including the SFO). This means the IA doesn’t regulate MPF products at all.提示
Reference Chapter:1.11.
-
77/673問題
77. 問題
1 分QID1510:Which of the following are requirements in the Code of Conduct for Mandatory Provident Fund (MPF) Intermediaries regarding the manner in which an MPF intermediary should deal with clients?
I. It should discuss the calibre of investment managers using all
available information such as the past performance records of
SFC collective investment schemes (CIS) and MPF schemes
they have managed, as successful past records would assist in
predicting their future performance.
II. An MPF individual intermediary acting for more than one
corporation should disclose for which corporation he is acting
when dealing with a client.
III. When advising a client on the selection of constituent funds, it
should consider, where practicable, the client’s interests, financial situation, risk preference, investment knowledge, experience and objectives.
IV. The intermediary should not receive any cash payments for or on behalf of clients and should ensure that all client payments
are made payable to the management company of the scheme.正確
A principal intermediary must apply for the approval of either (i) a subsidiary intermediary or (ii) an individual, which will in each case be attached to the principal intermediary for the purpose
of carrying on activities regulated by the MPFSO and be appointed as a responsible officer.
The main performance requirements that MPF intermediaries should meet are that they must:
when advising clients on the selection of constituent funds, consider, where practicable, the client’s interests, financial situation, risk preference, investment knowledge, experience and objectives錯誤
A principal intermediary must apply for the approval of either (i) a subsidiary intermediary or (ii) an individual, which will in each case be attached to the principal intermediary for the purpose
of carrying on activities regulated by the MPFSO and be appointed as a responsible officer.
The main performance requirements that MPF intermediaries should meet are that they must:
when advising clients on the selection of constituent funds, consider, where practicable, the client’s interests, financial situation, risk preference, investment knowledge, experience and objectives提示
Reference Chapter:1.11.
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78/673問題
78. 問題
1 分QID1511:Which of the following are some requirements imposed on a corporate trustee by the Mandatory Provident Fund Schemes Authority (MPFA)?
I. It must have paid-up share capital of at least HKD100 million.
II. It must hold net assets of at least HKD150 million.
III. Its directors and Chief Executive must have at least 3 years relevant experience, and the Chief Executive must ordinarily reside in Hong Kong.
IV. Its day-to-day business must be conducted in Hong Kong and its records kept in Hong Kong.正確
Only authorised financial institutions and registered trust companies that meet the specified
criteria are eligible to act as custodians, provided in each case they have a sufficient presence and control in Hong Kong. The specified criteria are primarily concerned with the financial standing of the entity, such as the amount of paid-up share capital and its net assets.錯誤
Only authorised financial institutions and registered trust companies that meet the specified
criteria are eligible to act as custodians, provided in each case they have a sufficient presence and control in Hong Kong. The specified criteria are primarily concerned with the financial standing of the entity, such as the amount of paid-up share capital and its net assets.提示
Reference Chapter:1.11.10
-
79/673問題
79. 問題
1 分QID1512:Which of the following activities relating to the marketing of Mandatory Provident Fund (MPF) schemes would trigger the licensing requirement for Type 4 regulated activity (advising on securities)?
I. Comparing advantages and disadvantage of investing in different underlying products and investments.
II. Commenting on the performance, merits and demerits of specific securities relating to MPF products.
III. Advising on the structure of an MPF scheme in relation to the long term objectives of a potential participant.
IV. Giving generic advice on a constituent fund of an MPF scheme that does not include detailed advice on underlying
investments.正確
The issue of an advertisement, invitation or document authorised by the SFC under the provisions of the SFO will not constitute a regulated activity for the purposes of the MPFSO. However, where such an advertisement, invitation or document is issued but is not authorised by the SFO, an offence under the SFO is committed that is punishable by imprisonment and/or a fine whether or not the person in question is a registered MPF intermediary.
錯誤
The issue of an advertisement, invitation or document authorised by the SFC under the provisions of the SFO will not constitute a regulated activity for the purposes of the MPFSO. However, where such an advertisement, invitation or document is issued but is not authorised by the SFO, an offence under the SFO is committed that is punishable by imprisonment and/or a fine whether or not the person in question is a registered MPF intermediary.
提示
Reference Chapter:1.11.21
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80/673問題
80. 問題
1 分QID1618:If there is any infraction in a licensed corporation, which of the following persons is responsible for making a report to the SFC?
正確
In general, the duties of responsible officers and executive officers who actively participate in, or supervise, the intermediary’s business may include:
(l) reporting to the SFC on discovery of any breaches of The Code of Conduct.錯誤
In general, the duties of responsible officers and executive officers who actively participate in, or supervise, the intermediary’s business may include:
(l) reporting to the SFC on discovery of any breaches of The Code of Conduct.提示
Reference Chapter:1.11.37
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81/673問題
81. 問題
1 分QID1603:Which of the following products are not being traded on the SEHK?
正確
Treasury Bill are not being traded on the SEHK
錯誤
Treasury Bill are not being traded on the SEHK
提示
Reference Chapter:1.2.
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82/673問題
82. 問題
1 分QID179:The principal ordinance applicable to the asset management industry is the
正確
The principal ordinances applicable to the asset management industry are the SFO, the Mandatory Provident Fund Schemes Ordinance (“MPFSO”), the Occupational Retirement
Schemes Ordinance (“ORSO”), the Insurance Ordinance and, to a lesser extent, the Banking Ordinance, the Employment Ordinance, the Inland Revenue Ordinance and the Trustee
Ordinance.錯誤
The principal ordinances applicable to the asset management industry are the SFO, the Mandatory Provident Fund Schemes Ordinance (“MPFSO”), the Occupational Retirement
Schemes Ordinance (“ORSO”), the Insurance Ordinance and, to a lesser extent, the Banking Ordinance, the Employment Ordinance, the Inland Revenue Ordinance and the Trustee
Ordinance.提示
Reference Chapter:1.2.1
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83/673問題
83. 問題
1 分QID1035:The Securities and Futures Ordinance (SFO) is the principal legislative document governing which markets in Hong Kong?
正確
The SFO is the principal legislative document governing the securities market in Hong Kong.
錯誤
The SFO is the principal legislative document governing the securities market in Hong Kong.
提示
Reference Chapter:1.2.1
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84/673問題
84. 問題
1 分QID332:According to the Securities and Futures Ordinance, which of the following definitions of a futures contract?
I. One party agrees to deliver to the other party at an agreed
future time an agreed property, or an agreed quantity of a property, at an agreed price.
II. The buyer agrees to deliver to the seller at an agreed future time an agreed quantity of a property, at an agreed price. The
buyer reserves the right not to carry out the contract and the seller must act in compliance to the wishes of the buyer.
III. The parties will make an adjustment between them at an agreed future time according to whether at that time an agreed property is worth more or less, or an index or other factors stands at a higher or lower level, than a value or level agreed at the time of making of the contract.
IV. The parties will make an adjustment between them at an agreed future time according to the agreed value of the agreed property at the time of making the contract; there should be no increase or decrease.正確
According to Schedule 1, SFO, a futures contract means:
(a) That one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price and;
(b) That the parties will make an adjustment between them at an agreed future time according to whether at that time an agreed property is worth more or less, or an index or other factor stands at a higher or lower level, than a value or level agreed at the time of making of the contract.錯誤
According to Schedule 1, SFO, a futures contract means:
(a) That one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price and;
(b) That the parties will make an adjustment between them at an agreed future time according to whether at that time an agreed property is worth more or less, or an index or other factor stands at a higher or lower level, than a value or level agreed at the time of making of the contract.提示
Reference Chapter:1.2.10
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85/673問題
85. 問題
1 分QID333:Which of the following activities is not a case of Type 2 or Type 5 Activities?
正確
Any activities that are not conducted on behalf of others cannot be a regulated activity.
錯誤
Any activities that are not conducted on behalf of others cannot be a regulated activity.
提示
Reference Chapter:1.2.10
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86/673問題
86. 問題
1 分QID746:A type 1 license will also enable the licensee to conduct which of the following categories?
I. Type 4 activity wholly incidental to Type 1
II. Type 5 activity wholly incidental to Type 1
III. Type 6 activity wholly incidental to Type 1
IV. Type 9 activity wholly incidental to Type 1正確
Regulated activities 4, 6 or 9 will be permitted if wholly incidental to Type 1.
錯誤
Regulated activities 4, 6 or 9 will be permitted if wholly incidental to Type 1.
提示
Reference Chapter:1.2.10
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87/673問題
87. 問題
1 分QID2682:If a solicitor is conducting a Type 4 acitivity, should he/she apply for a licence?
正確
As long as its wholly incidental to his/her professional capacity, solicitors are not require to apply for a licence for conducting Type 4,5,6,9 activities.
錯誤
As long as its wholly incidental to his/her professional capacity, solicitors are not require to apply for a licence for conducting Type 4,5,6,9 activities.
提示
Reference Chapter:1.2.10
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88/673問題
88. 問題
1 分QID344:The SFC’s codes and guidelines on asset management are UNLIKELY to be applicable to which of the following activities?
正確
Margin financing is not an activity directly related with asset management, so regulations and guidelines associated with asset management will not cover those kinds of transactions.
錯誤
Margin financing is not an activity directly related with asset management, so regulations and guidelines associated with asset management will not cover those kinds of transactions.
提示
Reference Chapter:1.2.10
-
89/673問題
89. 問題
1 分QID1571:Which of the following activities are not considered as securities or futures contracts management?
I. An accountant managing a portfolio of securities for a group of people.
II. A staff member of a firm managing securities or futures contracts for a subsidiary of his/her company.
III. A staff member of a firm managing securities or futures contracts for a JV of the company’s majority shareholder and the company’s director.
IV. A solicitor withholding a portfolio of securities for clients wholly incidental to his professional capacity.正確
Option I did not specify that the accountant is working in his professional capacity, therefore should not be exempted.
This is defined as managing a portfolio of securities or futures contracts for another person by a person other than certain excluded persons. Persons specifically excluded from the definition of securities or futures contracts management include the following:
(a) corporations that carry on securities or futures contracts management solely for their
wholly owned subsidiaries, their holding companies which hold all their issued shares,
or other wholly owned subsidiaries of the latter;
€ solicitors, counsel (barristers), professional accountants and trustees who provide securities or futures contracts management services wholly incidental to their professional practices.錯誤
Option I did not specify that the accountant is working in his professional capacity, therefore should not be exempted.
This is defined as managing a portfolio of securities or futures contracts for another person by a person other than certain excluded persons. Persons specifically excluded from the definition of securities or futures contracts management include the following:
(a) corporations that carry on securities or futures contracts management solely for their
wholly owned subsidiaries, their holding companies which hold all their issued shares,
or other wholly owned subsidiaries of the latter;
€ solicitors, counsel (barristers), professional accountants and trustees who provide securities or futures contracts management services wholly incidental to their professional practices.提示
Reference Chapter:1.2.10
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90/673問題
90. 問題
1 分QID331:Which of the following descriptions of futures are CORRECT, as defined in the Securities and Futures Ordinance (SFO)?
I. Future contracts are agreements made between the buyer and seller.
II. Future contracts are made based on the future prices of securities.
III. One party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of property, at an agreed price.
IV. The traded products of futures contracts are not securities.正確
According to Schedule 1, SFO, a futures contract means:
(a) a contract or an option on a contract made under the rules or conventions of a futures market.
(b) That one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price.錯誤
According to Schedule 1, SFO, a futures contract means:
(a) a contract or an option on a contract made under the rules or conventions of a futures market.
(b) That one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price.提示
Reference Chapter:1.2.10
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91/673問題
91. 問題
1 分QID1001:Under which of the following circumstances does a Type 2 licenced person or registered person need to acquire a Type 5 licence or registration?
正確
Provide futures dealing advice to clients and charge separately is not a type 5 regulated activity that is wholly incidental to type 2 regulated activity. Therefore, registration or licence for type 5 regulated activity is required.
錯誤
Provide futures dealing advice to clients and charge separately is not a type 5 regulated activity that is wholly incidental to type 2 regulated activity. Therefore, registration or licence for type 5 regulated activity is required.
提示
Reference Chapter:1.2.10
-
92/673問題
92. 問題
1 分QID2599:Which of the following activity is considered as asset management?
I. Accountants manage securities and futures portfolios for their friends and charge “tips”.
II. Trading companies manage securities and futures portfolios for their wholly-owned subsidiaries.
III. Trading companies manage securities and futures portfolios for their 60%-owned subsidiaries.
IV. Licensed corporations provide their customers who engage in securities trading with securities portfolio management wholly incidental to securities trading services.正確
Accountants manage securities and futures portfolios for their friends and charge “tips”. Since it’s not wholly incidental to professional activities of accountants, it’s not excluded. As for trading companies managing securities and futures portfolios for their 60%-owned subsidiaries, since the subsidiaries are not wholly-owned, it’s not excluded. Since both are not excluded, they are asset management activities.
錯誤
Accountants manage securities and futures portfolios for their friends and charge “tips”. Since it’s not wholly incidental to professional activities of accountants, it’s not excluded. As for trading companies managing securities and futures portfolios for their 60%-owned subsidiaries, since the subsidiaries are not wholly-owned, it’s not excluded. Since both are not excluded, they are asset management activities.
提示
Reference Chapter:1.2.10
-
93/673問題
93. 問題
1 分QID326:Which of the following are defined as Securities under s. 392, SFO as securities?
I. CISs
II. Bonds
III. Stocks
IV. Other interests prescribed by the Financial Secretary正確
Securities are defined in Schedule 1, SFO, to cover a wide range of instruments, including:
(a) shares, stocks, debentures, loan stocks, funds, bonds or notes;
(d) interests in CISs;
(f) interests, rights or property which are prescribed by the Financial Secretary under s. 392, SFO as securities.錯誤
Securities are defined in Schedule 1, SFO, to cover a wide range of instruments, including:
(a) shares, stocks, debentures, loan stocks, funds, bonds or notes;
(d) interests in CISs;
(f) interests, rights or property which are prescribed by the Financial Secretary under s. 392, SFO as securities.提示
Reference Chapter:1.2.11
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94/673問題
94. 問題
1 分QID327:The definition of “securities” is extensive and includes
I. Shares, Bonds, Debentures
II. Interests, rights in collective investment schemes
III. Ownership of investment linked Insurance schemes
IV. Interest in any CISs正確
Securities are defined in Schedule 1, SFO, to cover a wide range of instruments. Option III (Investment linked Insurance Scheme) is not covered by this definition.
錯誤
Securities are defined in Schedule 1, SFO, to cover a wide range of instruments. Option III (Investment linked Insurance Scheme) is not covered by this definition.
提示
Reference Chapter:1.2.11
-
95/673問題
95. 問題
1 分QID1227:Which of the following entities can prescribe other arrangements on security by notice under s. 393 SFO?
正確
Interests, rights or property which are prescribed by the Financial Secretary under s. 392, SFO as securities.
錯誤
Interests, rights or property which are prescribed by the Financial Secretary under s. 392, SFO as securities.
提示
Reference Chapter:1.2.12
-
96/673問題
96. 問題
1 分QID222:Which of the following agencies or individuals may prescribe, by notice in the Gazette, new financial products as being (or not being) securities or futures contracts?
正確
Powers are given to the Financial Secretary to prescribe, by notice in the Gazette:
(a) new financial products as being (or not being) securities or futures contracts, and new financial arrangements as CISs, thus capturing new products in the regulatory net as appropriate (ss. 392 and 393, SFO)錯誤
Powers are given to the Financial Secretary to prescribe, by notice in the Gazette:
(a) new financial products as being (or not being) securities or futures contracts, and new financial arrangements as CISs, thus capturing new products in the regulatory net as appropriate (ss. 392 and 393, SFO)提示
Reference Chapter:1.2.12
-
97/673問題
97. 問題
1 分QID2428:According to the Securities and Futures Ordinance, which of the following is not securities?
正確
According to the Securities and Futures Ordinance, futures options belongs to futures.
錯誤
According to the Securities and Futures Ordinance, futures options belongs to futures.
提示
Reference Chapter:1.2.12
-
98/673問題
98. 問題
1 分QID325:Which of the following are not examples of securities?
I. Shares in a private company
II. Shares in a public company
III. Interests in CISs that are either registered mandatory
provident fund schemes under MPFSO, occupational
retirement schemes under ORSO
IV. Contracts of insurance in relation to any class of insurance
business under the Insurance Companies Ordinance (“ICO”).正確
Securities are defined in Schedule 1, SFO, to cover a wide range of instruments. Options I, III and IV are not covered by this definition.
錯誤
Securities are defined in Schedule 1, SFO, to cover a wide range of instruments. Options I, III and IV are not covered by this definition.
提示
Reference Chapter:1.2.12
-
99/673問題
99. 問題
1 分QID2716:Which of the following may amend what is regulated activity by Gazette?
正確
The Financial Secretary shall amend by the Gazette what is a regulated activity.
錯誤
The Financial Secretary shall amend by the Gazette what is a regulated activity.
提示
Reference Chapter:1.2.12
-
100/673問題
100. 問題
1 分QID970:Which of the following are examples of security?
I. Listed Stocks
II. Equity Warrants
III. Derivative Warrants
IV. Bonds正確
A security is a tradable financial asset. The term commonly refers to any form of financial instrument including stocks, bonds and warrants.
錯誤
A security is a tradable financial asset. The term commonly refers to any form of financial instrument including stocks, bonds and warrants.
提示
Reference Chapter:1.2.12
-
101/673問題
101. 問題
1 分QID35:Which of the following is responsible for authorizing and supervising Insurance Companies?
正確
The Insurance Authority is concerned with the regulation of insurance companies and insurance intermediaries.
錯誤
The Insurance Authority is concerned with the regulation of insurance companies and insurance intermediaries.
提示
Reference Chapter:1.2.13
-
102/673問題
102. 問題
1 分QID347:Which of the following types of interests in Collective Investment
Schemes (CISs) are not considered as securities?
I. A registered Mandatory Provident Fund scheme under the MPFSO or its constituent fund.
II. An occupational retirement scheme under the ORSO
III. A contract of insurance in relation to any class of insurance business under the Insurance Companies Ordinance.
IV. Real estate investments management as stipulated in the Securities and Futures Ordinance.正確
The definition of asset management speaking of managing
“securities”, is specifically includes interests in any CIS; but does not include any interest in a CIS that is:
(a) a registered Mandatory Provident Fund scheme under the MPFSO or its constituent fund;
(b) an occupational retirement scheme under the ORSO; or
© a contract of insurance in relation to any class of insurance business under the Insurance Ordinance.錯誤
The definition of asset management speaking of managing
“securities”, is specifically includes interests in any CIS; but does not include any interest in a CIS that is:
(a) a registered Mandatory Provident Fund scheme under the MPFSO or its constituent fund;
(b) an occupational retirement scheme under the ORSO; or
© a contract of insurance in relation to any class of insurance business under the Insurance Ordinance.提示
Reference Chapter:1.2.13
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103/673問題
103. 問題
1 分QID771:Which of the following correctly describe the characteristics of futures contracts?
I. Futures contracts must be settled at a designated time and at a designated price agreed by both parties in the future.
II. The parties of the futures contracts are obliged to settle the contracts.
III. Futures contracts made under the rules or conventions of a futures market.
IV. The delivery of a futures contract can be delayed if both parties of the contract come to an agreement.正確
According to Schedule 1, SFO, a futures contract means:
(a) a contract or an option on a contract made under the rules or conventions of a futures market; also
A person deals in futures contracts if he:
(a) makes or offers to make an agreement with another person to enter into, acquire or dispose of a futures contract; and
(b) induces or attempts to induce another person to enter into, acquire or dispose of a futures contract.
In such contracts, one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price.錯誤
According to Schedule 1, SFO, a futures contract means:
(a) a contract or an option on a contract made under the rules or conventions of a futures market; also
A person deals in futures contracts if he:
(a) makes or offers to make an agreement with another person to enter into, acquire or dispose of a futures contract; and
(b) induces or attempts to induce another person to enter into, acquire or dispose of a futures contract.
In such contracts, one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price.提示
Reference Chapter:1.2.14
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104/673問題
104. 問題
1 分QID2378:According to the Securities and Futures Ordinance, a futures contract is that:
I. Futures in Hong Kong has to be settled physically.
II. In Hong Kong, futures contracts refer to contracts established according to rules or practices of futures market.
III. One party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price.
IV. In Hong Kong, both parties of futures contract can agree to delay the settlement.正確
According to the Securities and Futures Ordinance, a futures contract is that:
I. can be either cash settlement or
physical delivery
II. In Hong Kong, futures contracts refer to contracts established according to rules or practices of futures market.
III. One party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price.錯誤
According to the Securities and Futures Ordinance, a futures contract is that:
I. can be either cash settlement or
physical delivery
II. In Hong Kong, futures contracts refer to contracts established according to rules or practices of futures market.
III. One party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price.提示
Reference Chapter:1.2.14
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105/673問題
105. 問題
1 分QID1000:According to the SFO, the definition of Futures contracts is
正確
According to the SFO, the definition of Futures contracts are contracts made under the rules or conventions of a futures market.
錯誤
According to the SFO, the definition of Futures contracts are contracts made under the rules or conventions of a futures market.
提示
Reference Chapter:1.2.14
-
106/673問題
106. 問題
1 分QID221:What are the powers of the Financial Secretary in relation to securities and CISs?
正確
Powers are given to the Financial Secretary to prescribe, by notice in the Gazette:
(a) new financial products as being (or not being) securities or futures contracts, and new financial arrangements as CISs, thus capturing new products in the regulatory net as appropriate (ss. 392 and 393, SFO)錯誤
Powers are given to the Financial Secretary to prescribe, by notice in the Gazette:
(a) new financial products as being (or not being) securities or futures contracts, and new financial arrangements as CISs, thus capturing new products in the regulatory net as appropriate (ss. 392 and 393, SFO)提示
Reference Chapter:1.2.14
-
107/673問題
107. 問題
1 分QID772:Which of the following correctly describe the characteristics of futures contracts?
I. Futures contract must be settled at a designated time and at a designated price agreed by both parties in the future.
II. The parties trading futures contracts must pay margin to the clearing house (HKCC).
III. Futures contracts of stocks traded on SEHK must be physically settled.
IV. Futures contracts must be traded at the exchange.正確
According to Schedule 1, SFO, a futures contract means:
(a) a contract or an option on a contract made under the rules or conventions of a futures market.
A person deals in futures contracts if he:
(a) makes or offers to make an agreement with another person to enter into, acquire or dispose of a futures contract; and
(b) induces or attempts to induce another person to enter into, acquire or dispose of a futures contract.
Contracts determine:
(i) that one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price; or
(ii) that the parties will make an adjustment between them at an agreed future time according to whether at that time an agreed property is worth more or less, or an index or other factor stands at a higher or lower level, than a value or level agreed at the time of making of the contract.錯誤
According to Schedule 1, SFO, a futures contract means:
(a) a contract or an option on a contract made under the rules or conventions of a futures market.
A person deals in futures contracts if he:
(a) makes or offers to make an agreement with another person to enter into, acquire or dispose of a futures contract; and
(b) induces or attempts to induce another person to enter into, acquire or dispose of a futures contract.
Contracts determine:
(i) that one party agrees to deliver to the other party at an agreed future time an agreed property, or an agreed quantity of a property, at an agreed price; or
(ii) that the parties will make an adjustment between them at an agreed future time according to whether at that time an agreed property is worth more or less, or an index or other factor stands at a higher or lower level, than a value or level agreed at the time of making of the contract.提示
Reference Chapter:1.2.14
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108/673問題
108. 問題
1 分QID627:How do CISs and asset management relate to each other in the SFO regime?
I. The definition of asset management includes “securities” as a class of assets which may be managed under Type 9 regulated activity. The definition of securities includes CISs.
II. Asset management has no relation with CIS in the SFO regime
III. CISs is the only form of authorised asset management.
IV. CISs is one aspect of asset management activity in Hong Kong正確
Option II and III are incorrect since CIS are indeed considered an asset management activity by the SFO, but they are not the ONLY form of asset management recognized by the SFO.
錯誤
Option II and III are incorrect since CIS are indeed considered an asset management activity by the SFO, but they are not the ONLY form of asset management recognized by the SFO.
提示
Reference Chapter:1.2.15
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109/673問題
109. 問題
1 分QID622:Which of the following are key elements of a Collective Investment Scheme (CIS)?
I. an arrangement in respect of property under which the management of the property is not subject to the day-to-day control of the scheme’s participants
II. an arrangement in respect of property under which the management of the property is subject to the day-to-day control of the scheme’s participants
III. The purpose of the arrangement is to enable the participants to receive profits, income or other payments or returns from the property or dealings relating to it.
IV. The purpose of the arrangement is to enable the managers of the scheme to receive profits, income or other payments or returns from the property or dealings relating to it.正確
The key elements of what constitutes a CIS are:
(a) an arrangement in respect of a property under which the management of the property is not subject to the day-to-day control of the scheme’s participants, and either:
(i) the property is managed as a whole by or for the person operating the arrangement; or
(ii) the participants’ contributions and accruing profits or income are pooled; and
(b) the purpose of the arrangement is to enable the participants to receive profits, income or other payments or returns from the property or dealings relating to it.