Free LE Paper 1 Practice Test 2026
200 original questions for the HKSI Institute's Paper 1 on Hong Kong securities and futures regulation: the SFO and its rules, licensing and client assets, the Code of Conduct, AML, the exchanges, listing and takeovers, and market misconduct. Three 60-question mock tests. Tuned for mobile. No account needed.
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The LE Paper 1 exam at a glance
LE Paper 1, Fundamentals of Securities and Futures Regulation, is the local regulatory framework paper of the Licensing Examination for Securities and Futures Intermediaries, run by the HKSI Institute to meet the competence requirements the SFC recognises for representatives and responsible officers. It is 60 multiple-choice questions in 90 minutes with a 70% pass mark, taken as a computer-based exam in English or Traditional Chinese. Syllabus Version 3.5, in force from 30 June 2026, has nine topics, from Hong Kong's regulators and the Securities and Futures Ordinance to business conduct, anti-money laundering, listing and market misconduct.
Tigertest has 200 LE Paper 1 practice questions with explanations, all free with no account required.
- Questions
- 60 multiple choice
- Time
- 90 minutes
- Pass mark
- 70%
- Languages
- English or Traditional Chinese
- Format
- Computer-based, in Hong Kong or at global centres
- Syllabus
- Version 3.5, from 30 June 2026, nine topics
- Run by
- HKSI Institute, for SFC licensing
Updated by the Tigertest team. Practice questions follow HKSI Institute LE overview page and the Paper 1 syllabus Version 3.5, checked November 2026. Exam rules change, so confirm current details with HKSI Institute: Licensing Examination for Securities and Futures Intermediaries.
How It Works
Train One Topic at a Time
Six training sets that follow the nine syllabus topics: regulators and law, the SFO and market misconduct, licensing and client assets, business conduct, internal control and AML, and the exchanges and public capital. Questions you miss come back until you have mastered them.
Real-Length Mock Tests
Three mock tests of 60 questions, each drawing on all nine topics with the real 70% pass line. No question appears in more than one test, and every answer explains the rule behind it, from client money deadlines to the mandatory offer threshold.
Built on the Paper 1 Syllabus
The real paper is 60 multiple-choice questions in 90 minutes with 70% to pass, on the nine topics of syllabus Version 3.5. The HKSI Institute publishes no topic weights, so each mock test here uses Tigertest's own split:
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Share FeedbackHow to Pass LE Paper 1
1. Know who does what
Many questions turn on which body acts: the SFC licenses and disciplines, HKEX runs the markets and the Listing Rules, the HKMA supervises banks' securities business, the MMT hears civil misconduct cases, and the SFAT reviews SFC decisions. Learn them as a table.
2. Learn the deadlines and thresholds
One business day for client money and a liquid capital shortfall, two business days for a contract note, 5% and three business days for disclosure of interests, 30% for a mandatory offer, 18 months to restore a public float shortfall, six months for phone recordings and seven years for most records.
3. Read conduct questions as the SFC would
The right answer puts the client first: know your client, suitability, client orders before staff orders, conflicts disclosed, client assets segregated, and a report to the JFIU without tipping off when something looks wrong.
4. Practise at the real pace
Ninety minutes for 60 questions is a minute and a half each. Finish every training set, then aim for 80% or better on each mock test before you book, so a few unfamiliar questions on the day cannot pull you under 70%.
LE Paper 1 Frequently Asked Questions
What is LE Paper 1?
Paper 1, Fundamentals of Securities and Futures Regulation, is the local regulatory framework paper of the Licensing Examination for Securities and Futures Intermediaries (LE), run by the HKSI Institute. The LE is designed to meet the competence requirements the Securities and Futures Commission (SFC) recognises for people seeking a licence as a representative or responsible officer. Paper 1 covers Hong Kong's regulators, company law, the Securities and Futures Ordinance and its rules, business conduct, internal control and anti-money laundering, the exchanges, listing and takeovers, and market misconduct.
How many questions are on LE Paper 1 and what is the pass mark?
The HKSI Institute lists Paper 1 as 60 multiple-choice questions in 90 minutes, with a pass mark of 70%. It is a computer-based exam, taken at the Hong Kong Examination Centre or a global examination centre, with questions in English or Traditional Chinese. The current syllabus, Version 3.5, applies to exams from 30 June 2026.
Do I need Paper 1 for my licence?
Paper 1 is listed for representatives across the regulated activity types, and responsible officers take it together with a second paper that depends on the activity, such as Paper 2, 3, 4, 5, 6 or 18. Representatives usually also need Paper 7 (Financial Markets) together with a product paper such as Paper 8, 9 or 12, or another recognised industry qualification. Which papers you need, and whether any exemption applies, depends on your role and the SFC's Guidelines on Competence, so check with your firm or the SFC before you book.
How are these mock tests built?
Each mock test has 60 questions at the real pace, with the 70% pass line, and draws from all nine syllabus topics: 6 regulatory overview, 5 law and company law, 9 SFO, 9 licensing and subsidiary rules, 9 business conduct, 8 operations and AML, 5 exchanges, 5 public capital and 4 market misconduct. The HKSI Institute publishes no topic weights, so this split is Tigertest's own. The real exam is also offered in Traditional Chinese; this practice is in English only.
Are these the real HKSI exam questions?
No. Every question is original, written by Tigertest from the Paper 1 syllabus, the Securities and Futures Ordinance and its subsidiary rules, the SFC's codes and guidelines, the Companies Ordinance, the anti-money laundering laws and the Personal Data (Privacy) Ordinance as they stand in November 2026. It is free practice, not affiliated with the HKSI Institute, the SFC or HKEX, and it does not replace the official study manual.
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