HKSI English Final Preparation Paper 2
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Define alternative liquidity pools. “ALP” means an electronic system operated by a licensed or registered person through which the crossing/matching of orders involving securities listed or traded on exchanges is conducted with no pre-trade transparency. Under what circumstances may a CIS may be offered or marketed to the public in Hong Kong? It must be
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Describe a responsible officer. A responsible officer is one who actively participates in, or supervises, the regulated activities (“RAs”) of a licensed corporation. What is the requirement defined by SFC for the responsible officer for a licensed corporation? Every licensed corporation must have at least two responsible officers approved by the Securities and Futures Commission
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What is the approach adopted by the SFC for regulating market intermediaries? Risk-based supervision, in which regulation is weighted towards the areas which the SFC perceives to be at the highest risk. What is new companies ordinance? The new Companies Ordinance (“NCO”) covers all the areas regulated under the old Companies Ordinances, except the prospectus
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