Hong Kong: Regulatory Waivers

The Regulator

The Hong Kong Securities and Futures Commission (SFC) is an independent non-governmental statutory body outside the civil service, responsible for regulating the securities and futures markets in Hong Kong. The SFC was established by the Securities and Futures Commission Ordinance (SFCO).

Requirements for Practice and Waivers

Licensed Representatives
The SFC competency code for Licensed Representatives recognizes the CFA Level I exam as an industry qualification. Passing the CFA Level I exam waives:

  • Licensing Exams 7 & 8 for Regulated Activities 1, 4, 8
  • Licensing Exams 7 & 9 for Regulated Activities 2, 5
  • Licensing Exams 7 & 11 for Regulated Activity 6
  • Licensing Exams 7 & 12 for Regulated Activity 9

Under the recency requirements established by the SFC for RIQs, the CFA Level I exam has to be passed not more than three years prior to the date of application.

View Table 2 of Appendix C (PDF) for the SFC’s list of Recognized Industry Qualifications.

Responsible Officers
Under the responsible officers competency guidelines, the CFA charter is a recognized professional qualification. CFA charterholders who have not completed any of the RIQs necessary to meet the academic/industry qualification requirements established for responsible officers can be compensated by having an internationally recognized professional qualification such as the CFA charter. There are no recency requirements in respect of professional qualifications.

Please review Table 1 and Footnotes 1, 2, and 3 of Appendix B (PDF).