【香港证券从业考试模拟练习题】第五期

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前言：很多同学都在问，香港证券从业考试考什么类型的题目，如何复习备考。我们特意放出一部分题目，供大家练习参考。完整版可联系我们开通~
（本期共20题，含中英文对照版，答案会在回帖中公布）

第 61 题

“东方精密”是一家香港上市公司。在以下哪些具体情境中，该公司可以依据《证券及期货条例》的豁免规定，暂时不披露相关内幕消息？

I. 公司正在与政府监管部门就一项涉嫌违规的调查进行沟通，该监管部门根据其法定权力，明确要求公司在调查结束前不得对外透露任何相关信息。

II. 公司研发部门取得了一项重大技术突破，该技术已申请专利但尚未获批。管理层认为提前披露会损害其商业竞争力。

III. 公司的主要子公司位于A国，A国法院因当地一项法律诉讼，颁布命令禁止该子公司及其母公司披露与诉讼相关的财务细节。

IV. 公司董事会已批准一项中期股息分派方案，但担心在年报正式发布前披露会影响市场预期。

A. I,II,III

B. I,III,IV

C. II,III,IV

D. I,II,IV

对照版英文：

“Oriental Precision” is a company listed in Hong Kong. In which of the following specific scenarios may the company, based on the exemption provisions of the Securities and Futures Ordinance, temporarily not disclose the relevant inside information?

I. The company is communicating with a government regulatory agency regarding an investigation into a suspected violation. The agency, using its statutory powers, explicitly requires the company not to disclose any related information externally until the investigation concludes.

II. The companys R&D department achieved a major technological breakthrough. The technology has been applied for a patent but not yet granted. Management believes premature disclosure would harm its commercial competitiveness.

III. The companys major subsidiary is located in Country A. A court in Country A, due to a local legal proceeding, issued an order prohibiting the subsidiary and its parent company from disclosing financial details related to the lawsuit.

IV. The companys board has approved an interim dividend distribution plan but is concerned that disclosing it before the official release of the annual report would affect market expectations.

A. I,II,III

B. I,III,IV

C. II,III,IV

D. I,II,IV

第 62 题

一家基金管理公司同时运营着多只客户基金和公司自营账户。关于在不同账户之间进行证券交易（交叉盘交易），以下哪些操作方式符合相关操守要求？

I. 公司自营账户与客户基金之间可以进行交叉盘交易，只要交易价格公允，且事先获得了该客户基金的书面同意。

II. 交易员可以先执行公司自营账户的买入指令，随后再执行某客户基金的卖出同一证券的指令，只要两者价格相同。

III. 基金经理可以安排其管理的两只不同客户基金之间进行证券转让，但需确保交易公平，不会使任何一方基金受损，并向相关基金报告该交易。

IV. 为奖励优秀员工，允许交易员的个人账户与客户基金之间以市价进行小额、零散的交叉盘交易。

A. I,II

B. I,III,IV

C. II,III,IV

D. I,III

对照版英文：

A fund management company operates multiple client funds and a proprietary trading account. Regarding securities transactions between these different accounts (cross trades), which of the following operational practices comply with relevant conduct requirements?

I. Cross trades between the companys proprietary account and a client fund are permissible, provided the price is fair and prior written consent from that client fund has been obtained.

II. A trader can first execute a buy order for the proprietary account and then a sell order for the same security for a client fund, as long as the price is identical.

III. The fund manager can arrange a security transfer between two different client funds under its management, but must ensure the trade is fair, causes no detriment to either fund, and reports the trade to the involved funds.

IV. To reward outstanding employees, small, sporadic cross trades between a traders personal account and client funds at market price are allowed.

A. I,II

B. I,III,IV

C. II,III,IV

D. I,III

第 63 题

根据《场外衍生工具结算规则》，关于哪些人士之间达成的交易负有强制性结算责任，以下哪些判断是正确的？

I. 一家香港持牌法团与一家获证监会指定为“金融服务提供者”的美国系统重要性银行之间达成的利率掉期交易。

II. 一家根据《银行业条例》在香港注册的认可财务机构与一家本地小型贸易公司之间达成的隔夜指数掉期交易，该贸易公司主营商品进出口，不从事金融业务。

III. 两家均在香港注册的持牌法团之间达成的基准掉期交易，其中一家的场外衍生工具平均总持仓为150亿美元，另一家为300亿美元。

IV. 一家香港持牌法团与其个人客户（一名高净值专业投资者）之间达成的固定对浮动利率掉期交易。

A. I

B. I,II

C. II,III

D. II,IV

对照版英文：

According to the OTC Derivatives Clearing Rules, which of the following judgments about which parties’ transactions are subject to the mandatory clearing obligation are correct?

I. An interest rate swap transaction between a Hong Kong licensed corporation and a US systemically important bank designated by the SFC as a “financial service provider”.

II. An overnight index swap transaction between an authorized financial institution registered under the Banking Ordinance in Hong Kong and a local small trading company whose main business is commodity import/export and not financial services.

III.  A basis swap transaction between two licensed corporations both registered in Hong Kong. One has an average total OTC derivatives position of USD 15 billion, and the other has USD 30 billion.

IV. A fixed-to-floating interest rate swap transaction between a Hong Kong licensed corporation and its individual client (a high-net-worth professional investor).

A. I

B. I,II

C. II,III

D. II,IV

第 64 题

某证券公司因其一位客户经理的违规行为正面临客户的法律诉讼。该客户经理在未获授权的情况下，向客户承诺了保本收益，最终导致客户亏损。公司合规总监正在向管理层解释相关的法律原则。根据代理法的规定，以下哪些解释是正确的？

I. 该客户经理作为公司雇员，在客户面前一直代表公司行事，可以视为公司的代理人。

II. 由于客户经理的欺诈行为是其个人行为，且未经公司授权，因此公司无需为其行为向客户承担责任。

III. 客户经理作为代理人，其与公司（主事人）之间的关系建立在信任与诚信基础之上，负有受信责任。

IV. 在此情况下，即使该客户经理超越授权范围行事，公司作为主事人仍可能须对其行为向客户负责。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

A securities firm is facing a client lawsuit due to the misconduct of one of its account managers. The account manager, without authorization, promised guaranteed returns to a client, which ultimately led to a loss. The firm’s Chief Compliance Officer is explaining the relevant legal principles to management. According to the law of agency, which of the following explanations are correct?

I. The account manager, as an employee of the firm, has consistently acted as its representative in front of clients and can be regarded as an agent of the firm.

II. Since the account manager’s fraudulent actions were personal and unauthorized by the firm, the firm bears no liability to the client for those actions.

III. The account manager, as an agent, owes a fiduciary duty to the firm (the principal), and their relationship is based on trust and integrity.

IV. In this scenario, even if the account manager acted beyond their authorized scope, the firm, as the principal, may still be held liable to the client for those actions.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 65 题

“银河科技”的两位主要股东，王先生（持股18%）和李女士（持股15%），虽然没有签署正式协议，但被市场广泛认为在公司重大决策上保持一致立场。根据《收购守则》关于“一致行动”的定义，以下哪几项陈述是正确的？

I. “一致行动”指一组人士积极合作以取得或巩固对发行人的控制权，即使没有正式协议，非正式谅解也已足够。

II. 当一致行动关系成立时，该组内每一方的投票权将被合并计算，并被视为一个单一实体。

III. 只有签署了具有法律约束力的一致行动协议的股东，才会被《收购守则》视为“一致行动”人士。

IV. 确定一致行动关系仅依赖于《收购守则》中列出的法定推定名单，没有客观测试。

A. I,II,III

B. I,II,IV

C. I,II

D. II,III

对照版英文：

Two major shareholders of "Galaxy Tech," Mr. Wang (holding 18%) and Ms. Li (holding 15%), although not having signed a formal agreement, are widely viewed by the market as maintaining a consistent stance on major company decisions. According to the definition of "acting in concert" under the Takeovers Code, which of the following statements are correct?

I. "Acting in concert" refers to a group of persons actively cooperating to obtain or consolidate control over an issuer, and even without a formal agreement, an informal understanding is sufficient.

II. When a concert party relationship is established, the voting rights of each party within the group are aggregated and treated as a single entity.

III. Only shareholders who have signed a legally binding concert party agreement will be considered as "acting in concert" under the Takeovers Code.

IV. Determining a concert party relationship relies solely on the statutory presumption list provided in the Takeovers Code, with no objective test.

A. I,II,III

B. I,II,IV

C. I,II

D. II,III

第 66 题

某持牌机构收到一份由“王先生”提交的交易指示，要求为“ABC有限公司”的账户买入股票。王先生并非ABC公司的董事或雇员，他声称是受ABC公司董事“李女士”的口头委托来提交指示。根据《操守准则》关于第三方操作客户账户的规定，以下哪些是持牌机构必须履行的责任？

I. 采取合理步骤，核实“王先生”本人的真实和全部身份（如姓名、身份证件等）。

II. 取得ABC公司出具的、授权“王先生”操作其交易账户的书面文件。

III. 直接联系ABC公司的董事“李女士”，仅通过口头方式确认其对“王先生”的委托。

IV. 将“王先生”的身份资料以及其与ABC公司的关系证明进行记录并存档。

A. I,II,IV

B. I,II

C. I,III,IV

D. II,III,IV

对照版英文：

A licensed firm receives a trade instruction from “Mr. Wong” to buy shares for the account of “ABC Limited.” Mr. Wong is not a director or employee of ABC. He claims to be submitting the instruction on the oral instruction of ABCs director, “Ms. Lee.” According to the Code of Conduct rules regarding third-party operation of client accounts, which of the following are mandatory responsibilities for the licensed firm?

I. Take reasonable steps to verify the true and full identity of “Mr. Wong” (e.g., name, identification document).

II. Obtain written documentation from ABC authorizing “Mr. Wong” to operate its trading account.

III. Contact ABCs director “Ms. Lee” directly for only oral confirmation of her instruction to Mr. Wong.

IV. Record and keep on file the identity details of “Mr. Wong” and proof of his relationship with ABC.

A. I,II,IV

B. I,II

C. I,III,IV

D. II,III,IV

第 67 题

“信达证券融资公司”是一家专门从事证券保证金融资的持牌法团。为确保合规，公司需要依据相关业务守则标准建立其政策与程序。根据这些标准，以下哪些是公司必须包含在其风险管理与操作中的关键要求？

I. 制定明确的政策，以审批客户的信贷额度、设定贷款比率，并规定在何种情况下需向客户发出追缴保证金通知。

II. 必须将保证金融资客户与现金交易客户的账户混合管理，以提高资金使用效率。

III. 应建立内部监控措施，对以客户证券抵押品为质押向银行的借款设定限额，并控制单一证券抵押品的集中风险。

IV. 在为客户出具的成交单据上，仅需显示交易详情，无需特别注明该账户是否为保证金账户。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

"Xinda Securities Financing Company" is a licensed corporation specializing in securities margin financing. To ensure compliance, the company needs to establish its policies and procedures based on the relevant code of conduct standards. According to these standards, which of the following are key requirements the company must include in its risk management and operations?

I. Establish clear policies for approving client credit, setting loan-to-value ratios, and specifying the circumstances under which a margin call notice must be issued to clients.

II. Must commingle the accounts of margin financing clients and cash trading clients to improve fund utilization efficiency.

III.  Should implement internal control measures to set limits on bank borrowing collateralized by client securities and control concentration risk from single securities collateral.

IV. On the contract notes issued to clients, only the transaction details need to be displayed, and there is no need to specifically indicate whether the account is a margin account.

A. I,II

B. I,III

C. II,IV

D. III,IV

第 68 题

以下是关于持牌法团“规定速动资金”的几种看法。根据监管要求的基本逻辑，哪些看法是正确的？

I. 只要一家持牌法团的速动资金为正数，就完全满足了《财政资源规则》的所有核心要求。

II. “规定速动资金”是监管机构为不同业务类型的持牌法团设定的一个具体的最低金额标准，公司必须时刻维持不低于此金额的速动资金。

III. 对于核准介绍代理人以及不持有客户资产、仅从事第9类（资产管理）活动的持牌法团，其“规定速动资金”要求通常会高于综合性证券交易商。

IV. 设定“规定速动资金”的核心目的，是要求持牌法团的速动资金不仅要为正数，还必须维持在一个能提供足够安全缓冲的更高水平上。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

The following are several views regarding the “required liquid capital” of a licensed corporation. According to the fundamental logic of regulatory requirements, which of these views are CORRECT?

I. As long as a licensed corporation’s liquid capital is positive, it fully meets all the core requirements of the Financial Resources Rules.

II. “Required liquid capital” is a specific minimum amount set by the regulator for different types of licensed corporations based on their business activities. The company must at all times maintain liquid capital not less than this amount.

III.  For approved introducing agents and licensed corporations that do not hold client assets and only engage in Type 9 (asset management) activities, their “required liquid capital” is typically higher than that of a full-service securities dealer.

IV. The core purpose of setting “required liquid capital” is to require that a licensed corporation’s liquid capital must not only be positive but must also be maintained at a higher level that provides an adequate safety buffer.

A. I,II

B. I,III

C. II,IV

D. III,IV

第 69 题

“信诚顾问公司”正在为一家家族企业客户提供私有化建议。在服务过程中，客户要求顾问就一项可能影响交易结构的未公开内部信息签署一份额外的保密协议。关于在此情境下对客户的职责，以下哪些是“信诚顾问”必须做到的？

I. 在向客户提供任何分析或建议前，必须通过尽职调查充分了解客户的业务和财务状况。

II. 向客户提供的所有关于交易时间表和潜在回报的陈述，都必须基于合理假设，确保准确无误导。

III. 应客户要求，仅提供其要求的特定分析报告，无需主动告知可能影响客户决策的其他重要市场风险。

IV. 采取合理措施（如加密传输、权限管理）确保从客户处获得的未公开信息不被意外泄露。

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

“Integrity Advisory” is providing privatization advice to a family-owned business client. During the engagement, the client requests the adviser to sign an additional confidentiality agreement concerning undisclosed internal information that may affect the transaction structure. Regarding duties to the client in this context, which of the following must “Integrity Advisory” ensure?

I. Before providing any analysis or advice, it must sufficiently understand the clients business and financial position through due diligence.

II. All statements provided to the client regarding the transaction timeline and potential returns must be based on reasonable assumptions and be accurate and non-misleading.

III. As requested by the client, it should only provide the specific analysis reports requested, with no need to proactively inform the client of other material market risks that could affect its decision.

IV. Take reasonable measures (e.g., encrypted transmission, access controls) to prevent the accidental leakage of the undisclosed information received from the client.

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 70 题

根据《账目及审计规则》关于核数师（审计师）报告及汇报义务的规定，以下哪些说法是正确的？

I. 核数师可以选择只出具一份篇幅较短、包含“真实而中肯”意见的报告，以满足广泛传阅的需要。

II. 如果核数师在审计过程中，发现持牌法团存在违反《财政资源规则》的情况，他必须在向证监会提交的法定审计报告之外，另行就此情况向证监会报告。

III. 若核数师无法确认持牌法团是否遵守了《客户证券规则》的相关条文，他应当将此情况写入给公司董事会的管理建议书中，但无需向证监会特别报告。

IV. 核数师可分别呈交两份报告：一份是简短的“真实而中肯”意见报告，另一份则涵盖所有其他法定事项。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

According to the provisions of the Accounts and Audit Rules regarding auditor reports and reporting obligations, which of the following statements are CORRECT?

I. An auditor may choose to issue only a shorter report containing a "true and fair" opinion to meet the need for wide circulation.

II. If an auditor discovers, during the audit, that a licensed corporation has contravened the Financial Resources Rules, he must report this situation to the SFC separately, in addition to the statutory audit report submitted to the SFC.

III.  If an auditor is unable to confirm whether the licensed corporation has complied with the relevant provisions of the Client Securities Rules, he should include this in the management letter to the companys board of directors but does not need to report it specially to the SFC.

IV. An auditor may submit two separate reports: one is a brief report with the "true and fair" opinion, and the other covers all other statutory matters.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 71 题

“卓越控股”的大股东张先生目前持有公司35%的股份，他计划在未来三个月内进一步增持。公司的董事会秘书正在审阅相关规则，以评估可能触发的强制要约义务。根据《收购守则》关于强制要约的规定，以下哪几项陈述是正确的？

I. 如果张先生增持股份，导致其持股比例（以过去12个月内的最低持股为基准）增加超过2%，他将触发“自由增购率”规则下的强制要约。

II. 执行人员有权在任何触发强制要约的情况下，自动授出豁免，无须申请人提出申请。

III. 任何强制要约都必须包含现金作为支付方式的一部分。

IV. 强制要约的价格可以低于要约人或其一致行动人在要约期前六个月内支付的最高价格。

A. I,III

B. I,IV

C. I,III,IV

D. II,III,IV

对照版英文：

The controlling shareholder of "Zhuoyue Holdings," Mr. Zhang, currently holds 35% of the companys shares and plans to increase his stake further within the next three months. The company secretary is reviewing the relevant rules to assess potential mandatory offer obligations. According to the Takeovers Code regarding mandatory offers, which of the following statements are correct?

I. If Mr. Zhang increases his shareholding, causing his percentage (based on the lowest holding in the past 12 months) to rise by more than 2%, he will trigger a mandatory offer under the "creep rule."

II. The Executive has the authority to grant automatic exemptions in any situation that triggers a mandatory offer, without the need for an application.

III. Any mandatory offer must include a cash component as part of the consideration.

IV. The price of a mandatory offer may be lower than the highest price paid by the offeror or any person acting in concert with him during the six months before or during the offer period.

A. I,III

B. I,IV

C. I,III,IV

D. II,III,IV

第 72 题

“联合金融集团”作为一款非上市结构性产品的发行人，决定委任两家持牌公司——“结构安排有限公司”和“市场协调有限公司”共同担任产品安排人，并指定前者为主要证监会联络人。根据《非上市结构性投资产品守则》，以下哪几项关于产品安排人责任的陈述是正确的？

I. 发行人可委任多于一名产品安排人，但必须指定其中一名主要负责与证监会联络。

II. 产品安排人必须独立于该产品的任何受托人/保管人或主要产品对手方。

III. 产品安排人的首要责任是对发行人未能履行其财务责任承担法律上的连带保证责任。

IV. 产品安排人有责任维持适当的系统、监控、政策及程序，包括风险管理及产品估值。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

"United Finance Group," as the issuer of a non-listed structured product, has decided to appoint two licensed companies—"Structure Arrangement Ltd." and "Market Coordination Ltd."—as joint product arrangers and designate the former as the primary SFC contact. According to the Code on Non-Listed Structured Investment Products, which of the following statements regarding the responsibilities of product arrangers are correct?

I. An issuer may appoint more than one product arranger but must designate one of them as primarily responsible for liaising with the SFC.

II. The product arranger should be independent of any trustee/custodian or any principal product counterparty.

III. The primary responsibility of the product arranger is to assume joint legal liability for the issuers failure to meet its financial obligations.

IV. The product arranger is responsible for maintaining appropriate systems, controls, policies, and procedures, including risk management and product valuation.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 73 题

“盈信证券”的客户经理正在评估以下几位潜在客户是否符合“法团专业投资者”的资格。根据相关规则，在哪些情景中，该客户可以初步被认定为“法团专业投资者”？

I. 一家由两位个人投资者成立的有限责任合伙，其管理的投资基金总值约为9，000万港元。

II. 一家总资产为3，500万港元的贸易公司，其唯一的资产是其全资控股的一家资产管理公司（该公司拥有价值4，500万港元的证券投资组合）。

III. 一家资产规模为3，800万港元的家族信托，其受托人是一家持牌信托公司。

IV. 一家主营业务为房地产开发、总资产达15亿港元的上市公司，希望开立公司账户进行流动性管理投资。

A. I,II,IV

B. I,II

C. I,III,IV

D. II,III,IV

对照版英文：

An account manager at "WinTrust Securities" is assessing whether the following potential clients qualify as "Corporate Professional Investors." According to the relevant rules, in which scenarios can the client be preliminarily classified as a "Corporate Professional Investor"?

I. A limited liability partnership established by two individual investors, with a managed investment fund valued at approximately HKD 90 million.

II. A trading company with total assets of HKD 35 million, whose sole asset is a wholly-owned asset management company (which holds a securities portfolio valued at HKD 45 million).

III. A family trust with assets of HKD 38 million, whose trustee is a licensed trust company.

IV. A listed company whose main business is real estate development, with total assets of HKD 1.5 billion, seeking to open a corporate account for liquidity management investments.

A. I,II,IV

B. I,II

C. I,III,IV

D. II,III,IV

第 74 题

“安信证券融资”计划为新开立保证金账户的客户准备一份全面的保证金贷款协议。根据相关规定，该协议必须以客户理解的语言制备，并需明确阐述特定内容。以下哪些事项属于协议中必须包含、以帮助客户理解账户条款的关键条款示例？

I. 详细说明保证金贷款的利率计算方式及计息周期。

II. 明确贷款的还款期限安排以及可以接受的还款方式。

III. 清晰告知客户，一旦签署协议，所有存入的证券抵押品将不可撤销地授权由“安信证券融资”自由处置，包括用于任何自营交易。

IV. 具体说明当客户保证金不足时，公司将如何发出追缴通知，以及如果客户未能按时补足资金可能面临的后果，例如强制平仓。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

“Anxin Securities Financing” plans to prepare a comprehensive margin loan agreement for new clients opening margin accounts. According to relevant regulations, this agreement must be prepared in a language the client understands and must clearly articulate specific content. Which of the following items are examples of key clauses that must be included in the agreement to help clients understand the account terms?

I. Detailing the interest rate calculation method and the interest accrual period for margin loans.

II. Specifying the loan repayment schedule and acceptable methods of repayment.

III.  Clearly informing the client that once the agreement is signed, all deposited securities collateral will be irrevocably authorized for “Anxin Securities Financing” to freely dispose of, including for any proprietary trading.

IV. Specifically explaining how the company will issue a margin call notice when the client’s margin is insufficient, and the potential consequences if the client fails to meet the call on time, such as forced liquidation.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 75 题

“联合制造有限公司”自去年初因市场原因停产后，至今已超过一年未恢复营业。其主要债权人因多次追讨未果，已向法院提交清盘呈请。同时，公司少数股东认为大股东滥用控制权，公司内部信任基础已彻底破裂。关于法院可能清盘该公司的情况，以下哪些分析是正确的？

I. 由于公司已停业一整年，法院可据此理由将其清盘。

II. 债权人可以“公司无能力偿付其债项”为由，向法院申请将公司清盘。

III. 少数股东可以主张“将公司清盘是公正公平的”，理由是大股东滥用权利导致公司内部信任基础不复存在。

IV. 如果公司召开股东大会并通过了要求公司自动清盘的特别决议，则法院不能再根据其他理由下令清盘。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

"United Manufacturing Limited" has not resumed operations for over a year since ceasing production last year due to market conditions. A major creditor, after repeated unsuccessful demands for payment, has petitioned the court for winding-up. At the same time, minority shareholders believe the controlling shareholder has abused power, completely destroying the internal trust within the company. Regarding the grounds on which the court may wind up the company, which of the following analyses are correct?

I. Since the company has suspended business for a whole year, the court may wind it up on this ground.

II. The creditor may petition the court to wind up the company on the ground of "the companys inability to pay its debts."

III. Minority shareholders may argue that "it is just and equitable to wind up the company," on the basis that the abuse of power by the controlling shareholder has destroyed the internal trust.

IV. If the company convenes a general meeting and passes a special resolution for voluntary winding-up, the court can no longer order winding-up on other grounds.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 76 题

根据《证券及期货条例》关于扩大监控范围的规定，判断以下哪些行为可能受到该条例的规管？

I. 一个位于伦敦的交易团队，通过高频交易程序影响某大宗商品期货的价格，导致其在香港交易所关联的衍生品价格剧烈波动。

II. 新加坡某上市公司的一位董事，在出差香港期间，于酒店房间内利用内幕信息买卖了该公司在新加坡上市的股票。

III. 一位日本投资者，在东京的交易室里，大量抛售其在香港和伦敦双重上市的银行股，导致该股票在香港市场的价格同步大跌。

IV. 香港证监会持牌分析师在深圳的家中，撰写并发布了一份关于某只港股的研究报告，报告中含有虚假的财务数据。

A. I,II,III,IV

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

According to the provisions of the Securities and Futures Ordinance regarding the expanded ambit of supervision, determine which of the following conducts may be governed by the Ordinance.

I. A trading team based in London used a high-frequency trading program to influence the price of a commodity futures contract, causing significant fluctuations in the price of its related derivative on the Hong Kong Exchange.

II. A director of a Singapore-listed company, while on a business trip in Hong Kong, used inside information to trade the companys shares listed in Singapore from his hotel room.

III. A Japanese investor, from a trading room in Tokyo, heavily sold shares of a bank dually listed in Hong Kong and London, causing a simultaneous sharp drop in the stocks price in the Hong Kong market.

IV. A licensed analyst of the Hong Kong SFC, working from home in Shenzhen, wrote and published a research report on a Hong Kong stock containing false financial data.

A. I,II,III,IV

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 77 题

在界定市场失当行为时，某金融产品的性质对于判断其是否受相关法规管辖至关重要。以下是关于几种不同金融工具的陈述，其中哪些描述的金融工具，在其挂钩标的为香港上市公司股票的前提下，可被视为《证券及期货条例》在该语境下定义的“衍生工具”？

I. 一份合约，其主要经济目的是通过参考某只上市股票的价格变动来获取收益或对冲风险。

II. 一种标准化、在交易所集中交易的金融合约，其价值直接依赖于某只上市股票的未来价格。

III. 一份证明持有人拥有在特定期间内以约定价格买入某只上市股票的权利的证书。

IV. 一份私人订制的合约，其未来支付的金额与一家私营公司的经营利润挂钩。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

When defining market misconduct, the nature of a financial product is crucial in determining whether it falls under the relevant regulations. The following are descriptions of several different financial instruments. Which of the described instruments, provided that their underlying reference is the shares of a Hong Kong listed company, could be regarded as “derivative instruments” under the definition in the Securities and Futures Ordinance in this context?

I. A contract whose primary economic purpose is to gain returns or hedge risks by referencing the price movement of a listed share.

II. A standardized financial contract traded on an exchange, the value of which is directly dependent on the future price of a listed share.

III.  A certificate that evidences the holder’s right to purchase a listed share at an agreed price within a specific period.

IV. A privately tailored contract where future payment amounts are linked to the operating profit of a private company.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 78 题

某公司计划在香港主板上市，保荐人在进行尽职审查时，需依据《上市规则》识别并确认公司的控股股东。以下关于控股股东识别的陈述，哪几项是正确的？

I. 控股股东的定义是严格且唯一的，仅指有权直接行使公司30%或以上投票权的单一自然人。

II. 识别控股股东时，必须考虑上市前后的相关因素，例如所有权持续性、控制权状况以及申请人业务的独立运营能力。

III. 保荐人只需核查股东名册上的登记信息，即可完成对控股股东的识别工作。

IV. 如果一家作为特定目的投资机构成立的法人团体是控股股东，联交所可能会假定该法人团体的所有股东均为控股股东，但上市申请人可以对此假定提出反驳。

A. I,II

B. I,III

C. II,III

D. II,IV

对照版英文：

A company plans to list on the Main Board of Hong Kong. During due diligence, the sponsor needs to identify and confirm the company’s controlling shareholder(s) according to the Listing Rules. Which of the following statements regarding the identification of controlling shareholders is/are correct?

I. The definition of a controlling shareholder is strict and singular, referring only to a single individual who has the right to directly exercise 30% or more of the voting rights.

II. When identifying controlling shareholders, factors both before and after listing must be considered, such as continuity of ownership, control status, and the applicant’s ability to operate its business independently.

III. The sponsor only needs to review the registered information on the shareholder register to complete the identification of controlling shareholders.

IV. If a corporate entity established as a special-purpose investment vehicle is a controlling shareholder, the Exchange may presume all shareholders of that entity to be controlling shareholders, but the listing applicant may rebut this presumption.

A. I,II

B. I,III

C. II,III

D. II,IV

第 79 题

“恒通实业”的少数股东（合计持股8%）认为公司长期不分红且管理层薪酬过高，损害了股东权益。他们正在商讨如何运用法律赋予少数股东的权利来制衡董事会。根据香港《公司条例》对少数股东的保障措施，以下哪些是他们依法可以采取的行动？

I. 他们可以联合要求董事会召开临时股东大会，如果董事会不合理地拒绝，他们可以自行召开会议。

II. 他们可以直接向法院提出呈请，要求法院命令公司清盘，理由是他们作为股东权益受到了损害。

III. 他们可以要求财政司司长委任调查员，对公司的事务进行法定调查。

IV. 他们可以向法院上诉，请求撤销公司最近通过的关于批准管理层巨额奖金计划的普通决议。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

A minority shareholder group (collectively holding 8%) of "Hengtong Industrial" believes the companys long-term dividend suspension and excessive executive pay harm shareholder interests. They are discussing how to use legal rights to challenge the board. According to the minority shareholder protections under the Hong Kong Companies Ordinance, which of the following actions can they legally take?

I. They can jointly demand the board convene an extraordinary general meeting (EGM), and if unreasonably refused, convene the meeting themselves.

II. They can directly petition the court for a winding-up order of the company on the grounds that their shareholder rights are prejudiced.

III. They can request the Financial Secretary to appoint an inspector to conduct a statutory investigation into the companys affairs.

IV. They can appeal to the court to set aside the companys recently passed ordinary resolution approving a substantial management bonus plan.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 80 题

在每周的风险管理会议上，“环球期货公司”的风控经理向管理层汇报工作。以下是他的部分汇报内容，请判断哪些说法准确地反映了期交所按金规则的精神或要求？

I. “我们已经将期交所新公布的股指期货最低基本按金要求，直接作为我们向所有客户收取的按金标准。”

II. “虽然期交所调低了某商品期货的最低按金，但我们考虑到该品种近期波动性增大，决定维持原来的较高按金水平不变。”

III. “我们制定了内部政策，允许信用良好的大客户在按金暂时略低于期交所最低要求时，仍可进行新开仓交易。”

IV. “我们定期评估市场波动，并据此调整我们的内部按金模型，以确保其能覆盖潜在风险。”

A. I,II

B. II,IV

C. I,III

D. III,IV

对照版英文：

During the weekly risk management meeting, the risk control manager of “Global Futures Company” reports to management. Which of the following statements in his report accurately reflect the spirit or requirements of the exchange margin rules?

I. “We have adopted the newly announced minimum initial margin requirement for index futures by the exchange directly as the margin standard we charge all our clients.”

II. “Although the exchange lowered the minimum margin for a certain commodity future, considering the increased volatility of this product recently, we have decided to maintain our original, higher margin level.”

III. “We have an internal policy that allows large clients with good credit to open new positions even when their margin temporarily falls slightly below the exchange’s minimum requirement.”

IV. “We regularly assess market volatility and adjust our internal margin models accordingly to ensure they cover potential risks.”

A. I,II

B. II,IV

C. I,III

D. III,IV

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第61题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为被某成文法则或法庭命令施加的限制所禁止披露，是明确的法定豁免情况。

II正确，因为该未获批专利的技术突破属于“商业秘密”，且公司可以采取措施确保其保密，符合豁免条件。

III正确，因为证监会可就海外法院命令所禁止的披露授予豁免，此情境描述了申请该豁免的前提条件。

IV错误，因为已批准的股息方案是确定的具体决策，不属于“未完成的计划或商议”，且担心影响市场预期并非法定豁免理由。
课文原文（题目对应的知识点）：
上市法团在若干情况期间无需根据《证券及期货条例》披露任何内幕
消息，包括以下情况：
(a) 如作出某项披露是被某成文法则或法庭命令所施加的限制禁止；或
(b) 该消息得以保密及：
  (i) 该消息关乎一项未完成的计划或商议；
  (ii) 该消息属商业秘密；或
  (iii) 证监会就海外法例或法院命令所禁止的披露授予豁免。
英文解析：
I correct, because being prohibited from disclosure by a restriction imposed by any enactment or any order of a court is an explicit statutory exemption circumstance.

II correct, because the technological breakthrough, for which a patent is pending, constitutes a “trade secret,” and the company can take measures to ensure its confidentiality, meeting the exemption conditions.

III correct, because the SFC may grant an exemption for disclosure prohibited by overseas court orders. This scenario describes the precondition for applying for such an exemption.

IV incorrect, because an approved dividend plan is a specific and determined corporate decision, not an “incomplete proposal or negotiation.” Concerns about affecting market expectations are not a statutory exemption reason.

第62题答案：
D
大屿老师（大屿surepass）解析：
I正确，公司账户与客户账户进行交叉盘交易，前提是获得客户事前书面同意，且通常隐含了公平交易的要求。

II错误，客户买卖盘应优先于公司账户交易处理，不能后置。

III正确，客户账户之间的交叉盘交易可以进行，但必须公平执行，确保无客户受损，并需进行汇报。

IV错误，职员私人账户与客户账户之间的交叉盘交易应予以禁止。
课文原文（题目对应的知识点）：
基金经理须遵守《操守准则》以及其他适用法例及法规,这将包括《单位信托及
互惠基金守则》（“《单位信托守则》”）的规定（倘基金经理管理认可集体投资计划）。《单位信托守则》包含规管回佣及非金钱利益的特定条文。除非有关交易是按照公平条款及最佳条件执行,而佣金率不高于惯常适用于机构投资者的比率,否则基金经理不应代基金与关连人士进行交易。基金经理应按照标准息率条款,或对有关基金而言更优惠的息率条款向关连人士借入款项或存入款项。应避免的其他潜在利益冲突
客户帐户之间的交易（交叉盘交易）应公平地进行,以免任何客户遭受损失,并应向客户汇报该等交易。公司帐户与客户帐户之间的交叉盘交易,必须在事前获得客户书面同意的情况下方可进行,并应向客户披露所涉及的任何实际或潜在的利益冲突。应先处理客户买卖盘,再处理公司帐户交易。职员的私人帐户与客户的帐户之间的交叉盘应予以禁止。
附注：本节中所提述的“客户”,亦包括由同一基金经理所管理的委托帐户的投资者。
英文解析：
I correct, cross trades between the firms account and a client account require prior written client consent and imply the requirement of fair dealing.

II incorrect, client orders should be given priority over proprietary account trades and not be handled afterwards.

III correct, cross trades between client accounts can be conducted but must be executed fairly to ensure no client loss and require reporting.

IV incorrect, cross trades between staff personal accounts and client accounts should be prohibited.

第63题答案：
A
大屿老师（大屿surepass）解析：
I 正确。该交易发生在“订明人士”（香港持牌法团）与“证监会指明为‘金融服务提供者’的人士”（美国系统重要性银行）之间，属于“交易商对交易商”的交易，因此负有结算责任。

II 错误。该交易的一方是“订明人士”（认可财务机构），但另一方是本地小型贸易公司，该公司既不属于“订明人士”范围，也不属于被指明为“金融服务提供者”的实体。因此，该交易不属于“交易商对交易商”交易，不负有结算责任。

III错误，因为两家持牌法团虽均为订明人士，但其中一方的场外衍生工具平均总持仓为150亿美元（低于200亿美元结算门槛），另一方虽超门槛，但规则要求双方均超门槛或一方为金融服务提供者才产生结算责任，该交易不符合此条件。

IV 错误。该交易一方是“订明人士”（持牌法团），另一方是个人客户。个人不属于“订明人士”或“金融服务提供者”。因此，该交易不属于“交易商对交易商”的交易，不负有结算责任。
课文原文（题目对应的知识点）：
负有结算责任的人士
必须为“交易商对交易商”的交易，即某“订明人士”与另一订明人士或证监会指明为“金融服务提供者”的人士之间的交易，方负有结算责任。附注：“订明人士”包括认可财务机构、核准货币经纪及持牌法团，或场外结算规则指明负有结算责任的其他人士。“金融服务提供者”为在香港境外积极从事有关场外衍生工具交易或场外衍生工具产品的活动而已被证监会指定的人士，包括所有具系统重要性的银行。
此外，“交易商对交易商”的交易的双方须为场外衍生工具市场中规模较大及较主要的参与者，就此目的而言，《场外衍生工具结算规则》订明一项“结算门槛”，结算门槛指某人士于场外衍生工具交易的平均总持仓量。结算门槛实际上只适用于订明人士，此乃因为金融服务提供者按定义就被视为市场的主要参与者 。
附注 1：市场上较小型的参与者无须负有结算责任，因为监管目的为掌握场外衍生工具市场上规模较大及较主要的参与者所造成的系统性风险。
附注 2：结算门槛的计算只包括《场外衍生工具结算规则》所涵盖的产品持仓，就一指明期间计算，及有多项例外情况。结算门槛现时厘定为 200 亿美元。
英文解析：
I is correct. This transaction is between a “prescribed person” (Hong Kong licensed corporation) and a person specified by the SFC as a “financial service provider” (US systemically important bank). This constitutes a “dealer-to-dealer” transaction and is therefore subject to the clearing obligation.

II is incorrect. While one party is a “prescribed person” (authorized financial institution), the other party is a local small trading company. This company is neither a “prescribed person” nor an entity specified as a “financial service provider”. Therefore, this transaction is not a “dealer-to-dealer” transaction and is not subject to the clearing obligation.

III is incorrect. Although both licensed corporations are specified persons, one party’s average total outstanding position in OTC derivatives is USD 15 billion (below the USD 20 billion clearing threshold), while the other party exceeds the threshold. However, the rules require that both parties exceed the threshold or that one party is a financial service provider in order for clearing obligations to arise. This transaction does not satisfy these conditions.

IV is incorrect. One party is a “prescribed person” (licensed corporation), and the other is an individual client. An individual is neither a “prescribed person” nor a “financial service provider”. Therefore, this transaction is not a “dealer-to-dealer” transaction and is not subject to the clearing obligation.

第64题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为代理关系可以根据合约或法律建立，客户主任可被视为其雇主的代理人。

II错误，因为主事人须对其代理人的行为负责，即使代理人存在欺骗客户的行为，只要其显示为代表公司行事，公司就可能须负责。

III正确，因为代理人属受信人，其与主事人的关系建基于信任及行事持正。

IV正确，因为在代理关系中，主事人可能需要对代理人在代理范围内的行为（包括某些越权行为，尤其是当第三方有理由相信其有授权时）负责。
课文原文（题目对应的知识点）：
代理是根据明示或暗示的合约或法律建立的受信关系，其中一方（代理人）可代表另一方（主事人）行事，并以其代理范围内的言行约束主事人。
代理法对金融服务的影响极大，例如：股票经纪可以是其客户的代理人，而客户
主任可被视为其雇主的代理人。
主事人须对其代理人的行为负责，例如：假若某公司所雇用并一直显示其代表公司行事的客户主任欺骗客户，则该公司须对此负责。同样，董事是公司的代理人，代表公司签署合约。代理人属受信人，其与主事人的关系建基于绝对信任及行事持正。
英文解析：
I correct, because an agency relationship can be established by express or implied contract or by law, and an account manager can be regarded as an agent of their employer.

II incorrect, because a principal is responsible for the actions of their agent. If the agent appeared to be acting on behalf of the firm, the firm may be held liable, even for fraudulent acts.

III correct, because an agent is a fiduciary, and the relationship with the principal is based on absolute trust and acting in good faith.

IV correct, because under agency law, a principal may be liable for the acts of an agent within the scope of their authority, and in some cases, for certain unauthorized acts, especially if a third party reasonably believed the agent had authority.

第65题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为规则明确指出，“一致行动”指一组人士积极合作以取得或巩固控制权，即使没有正式合作协议，非正式谅解也已足够。

II正确，因为规则规定，当一致行动关系建立后，《收购守则》将该组内每一方的投票权予以合计，并作单一个体处理。

III错误，因为规则明确说明，一致行动的认定不依赖于正式协议，非正式谅解即可构成。

IV错误，因为规则说明，除了依赖推定名单外，还有“客观测试”来判断某些人士是否事实上构成一致行动。
课文原文（题目对应的知识点）：
强制要约或自愿要约将经常涉及一组人士，其透过取得发行人的投票权，一起积极合作以取得或巩固对该发行人的控制权。于《收购守则》内，该等人士被视为“一致行动”，即使没有正式的合作协议—该等人士之间的非正式谅解已足够。当一致行动的人士已建立，《收购守则》将该组人士内的每一方的投票权予以合计，并作单一个体处理。这对整体一致行动的人士将有重要暗示，尤其鉴于上文对强制要约责任的最低限额的讨论，可能会被一致行动的人士的任何个别成员的行动构成潜在触发。
除了客观测试某些人士是否事实上涉及一致行动的人士外，《收购守则》亦提供一份有关某些人士（其被推定为一致行动）的清单，例如公司被推定为与其董事及其附属公司一致行动。然而，考生无须对该等推定有所认识。
英文解析：
I correct, because the rules explicitly state that "acting in concert" refers to persons actively cooperating to obtain or consolidate control, and even without a formal agreement, an informal understanding is sufficient.

II correct, because the rules state that when acting in concert is established, the voting rights of each party in the group are aggregated and treated as a single entity.

III incorrect, because the rules make clear that a concert party can be established without a formal agreement; an informal understanding is sufficient.

IV incorrect, because the rules state that in addition to relying on the presumption list, there is an "objective test" to determine whether persons are in fact acting in concert.

第66题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为规定要求须采取合理步骤，以确立发出指示的第三方的真实和全部身份。

II正确，因为规定要求应就第三方操作客户的帐户取得客户的书面授权。口头委托不符合书面授权的要求。

III错误，因为仅通过口头确认不符合“书面授权”的强制性规定，且步骤II已包含更正式和合规的验证方式。

IV正确，因为规定要求须保存第三方身份资料的纪录。记录存档是合规的必要部分。
课文原文（题目对应的知识点）：
持牌人或注册人接纳第三方就一名客户的帐户而发出的指示前,《操守准则》规
定持牌人或注册人及其职员须采取合理步骤,以确立第三方的真实和全部身份,并保存第三方身份资料的纪录。持牌人或注册人应就第三方操作客户的帐户取得客户的书面授权。

英文解析：
I correct, because the rules require taking reasonable steps to establish the true and full identity of the third party giving instructions.

II correct, because the rules state that the licensed firm should obtain the clients written authorization for a third party to operate the account. Oral instruction does not meet the written authorization requirement.

III incorrect, because obtaining only oral confirmation does not satisfy the mandatory “written authorization” requirement, and step II already encompasses a more formal and compliant verification method.

IV correct, because the rules require maintaining records of the third partys identity details. Recording and filing are necessary parts of compliance.

第67题答案：
B
大屿老师（大屿surepass）解析：
I. 是必须要求。制定关于信贷审批、贷款比率和追缴保证金的政策，是相关守则明确列出的核心要求。

II. 不符合要求。相关标准明确要求将保证金客户的账户与现金客户的账户分开，而非混合管理。

III. 是必须要求。这直接对应了守则中关于审慎风险管理及内部监控的规定，包括控制银行借贷限额和抵押品集中风险。

IV. 不符合要求。根据《成交单据规则》，在成交单据上需要向客户披露其账户为保证金账户，这是必须的披露事项。
课文原文（题目对应的知识点）：
证券保证金融资的特别操守规定
证监会期望证券保证金融资人、进行证券保证金融资的交易商及其代表遵守的业务守则标准，主要载列于《操守准则》及《成交单据规则》。
这些标准包括：
(a) 审批客户的信用、设定保证金贷款限额、贷款比率及追缴保证金的政策及程序；

(b) 审慎的风险管理及内部监控，包括以证券保证金融资客户的证券抵押品作抵押而向银行借贷的限额、控制使用客户的证券抵押品及有关客户及证券抵押品的集中风险；
(c) 透过持续的管理报告进行有效监控，报告须列明重大客户的贷款结余、所持抵押品详情、保证金融资比率及涉及证券抵押品的集中风险的贷款结余；
(d) 按《成交单据规则》的规定，在成交单据及户口结单中向客户披露其帐户状况。例如：
(i) 在成交单据及户口月结单中显示客户的帐户为保证金帐户；
(ii) 在所有户口结单中披露向客户提供的所有财务融通详情，包括财务融通的性质、信贷限额及届满日期，计息基准以及于该日或该月终结时所持的证券抵押品数量、市值、保证金价值及保证金比率等；及
(e) 把保证金客户的帐户及现金客户的帐户分开。
证券保证金融资人可让客户从其保证金帐户提取款项，以利便客户继续持有以保证金帐户取得的证券。然而，须留意的是，证券保证金融资人须遵守单一业务规定，并只可提供财务融通以利便取得及继续持有上市证券。任何超出证券抵押品的可变现价值的贷款，一般不属于上述范围。

英文解析：
I. Is a required. Establishing policies regarding credit approval, loan ratios, and margin calls is a core requirement explicitly listed in the relevant code.

II. Does not meet the requirement. The standards explicitly require that margin clients accounts be segregated from cash clients accounts, not commingled.

III. Is a required. This directly corresponds to the provisions in the code regarding prudent risk management and internal controls, including controlling bank borrowing limits and collateral concentration risk.

IV. Does not meet the requirement. According to the Contract Notes Rules, it is necessary to disclose to clients on the contract note that their account is a margin account. This is a mandatory disclosure item.

第68题答案：
C
大屿老师（大屿surepass）解析：
I. 不正确。这是对规则最普遍的误解。监管机构不会仅满足于速动资金为正数。为确保安全，规则要求速动资金必须持续高于一个特定的、预设的“规定速动资金”数额，该数额通常显著高于零。

II. 正确。这准确地描述了“规定速动资金”的性质和作用。它是根据持牌法团从事的受规管活动类别设定的法定最低标准，必须时刻被遵守。

III. 不正确。事实恰恰相反。核准介绍代理人以及不持有客户资产的特定类别持牌法团（如某些第4、5、6、9、10类），由于其业务风险相对较低，监管机构为其设定的“规定速动资金”要求通常较低，而非更高。

IV. 正确。这解释了设定“规定速动资金”的根本原因。它是基于监管经验设定的一个“缓冲数额”，旨在确保公司在面临压力时仍有足够的财务弹性，而不仅仅是能够维持生存。
课文原文（题目对应的知识点）：
规定速动资金
监管机构不会完全信纳速动资金仅仅维持正数，故会要求一个更高的数额。根据监管机构的共同经验，速动资金须经常维持在高于缓冲数额或规定速动资金的水平，才属于安全。证监会为各类受规管活动订明预设的规定速动资金数额。核准介绍代理人及从事第 4 类、第 5 类、第 6 类、第 9 类及第 10 类受规管活动，并且无持有客户资产的持牌法团具有较低的规定速动资金要求。
速动资金因而必须不少于规定速动资金。故此，首先须注意的是必须时刻维持规定速动资金或最低资金水平。
英文解析：
I Incorrect. This is the most common misunderstanding of the rules. Regulators are not satisfied merely with positive liquid capital. To ensure safety, the rules require that liquid capital must continuously exceed a specific, pre-set “required liquid capital” amount, which is typically significantly above zero.

II Correct. This accurately describes the nature and function of “required liquid capital.” It is a statutory minimum standard set according to the type(s) of regulated activities the licensed corporation engages in and must be complied with at all times.

III  Incorrect. The opposite is true. Approved introducing agents and licensed corporations in specific categories that do not hold client assets (e.g., certain Type 4, 5, 6, 9, 10) are subject to lower “required liquid capital” requirements due to their relatively lower business risk, not higher ones.

IV Correct. This explains the fundamental reason for setting “required liquid capital.” It is a “buffer amount” based on regulatory experience, designed to ensure the company has sufficient financial resilience under stress, not just survival.

第 69 题答案：
B
大屿老师（大屿surepass）解析：
I正确，顾问应以客户最佳利益为依归行事，并应了解客户的业务，这通常需要通过尽职调查取得相关资料。

II正确，确保所有对客户作出的陈述及提供的资料准确且无误导成分，是一项核心义务。

III错误，顾问有责任全面和及时地向客户提供资料，使客户能作出有根据的决定。仅提供被要求的信息，可能遗漏重要风险，不符合“全面”披露的要求。

IV正确，顾问有义务确保客户资料获得保密，并应尽合理努力防止信息被意外外泄。
课文原文（题目对应的知识点）：
企业融资顾问于任何时间应以客户的最佳利益为依归而行事,并应了解客户的
业务,尤其应取得有关客户的相关资料。（本条与其他守则相同。）
企业融资顾问应合理地尽一切努力,确保其客户明白相关的监管规定,并要求客
户向监管机构报告任何不合规的事项。如客户在缺乏确实理由的情况下拒绝这
样做,则企业融资顾问应考虑是否需要请辞。企业融资顾问若被监管机构问及是
否有人可能已违反有关的规例时,应与监管机构合作。
企业融资顾问在为客户行事时,应：
(a) 确保所有对客户作出的陈述及提供予客户的资料是准确及没有误导成份；
(b) 全面和及时地向客户提供资料（包括就三大守则提供意见）,使客户可以作
出有根据的决定；

(c) 在接获要求时,就其向客户履行的职责作出全面及中肯的交待；
(d) 就一切有关及重要的资料向客户作出充分披露；及
(e) 确保客户资料获得保密,包括合理地尽一切努力,确保其他从企业融资顾问
收取机密资料的人士将会避免意外地将有关资料外泄。
英文解析：
I correct, an adviser should act in the clients best interests and understand the clients business, which typically requires obtaining relevant information through due diligence.

II correct, ensuring all statements and information provided to the client are accurate and non-misleading is a core obligation.

III incorrect, the adviser has a duty to provide information to the client comprehensively and in a timely manner to enable informed decisions. Providing only requested information may omit important risks, failing the “comprehensive” disclosure requirement.

IV correct, the adviser must ensure client information is kept confidential and should make reasonable efforts to prevent its accidental disclosure.

第70题答案：
B
大屿老师（大屿surepass）解析：
I. 正确。规则说明，真实而中肯的报告篇幅较短，倘不适合出具整份报告，该报告足以作广泛传阅。这意味着在特定情况下，仅出具此报告是允许的。

II. 正确。规则明确规定，如核数师察觉有违反《财政资源规则》的情况，须向证监会报告。这是法定审计报告之外的额外申报义务。

III. 不正确。规则明确规定，如核数师无法确认遵从《客户证券规则》及《客户款项规则》的条文，须向证监会报告。这与第II项同理，是一项独立的汇报义务，而不仅仅是内部管理建议。

IV. 正确。规则明确指出，核数师可呈交两份报告，一份是关于“真实而中肯”意见的，另一份则关于所有其他事项。
课文原文（题目对应的知识点）：
核数师可呈交两份报告，一份载有“一般”、“真实而中肯”的意见，另一份则关于所有其他事项。真实而中肯的报告篇幅较短，倘不适合出具整份报告，真实而中肯的报告足以作广泛传阅。
如核数师无法确认遵从《客户证券规则》及《客户款项规则》的条文，或察觉有违反《财政资源规则》的情况，须向证监会报告。这是核数师可能须根据《证券及期货条例》呈交的任何特别报告以外的申报。
英文解析：
I Correct. The rules state that the true and fair report is shorter and, if it is not appropriate to issue the full report, this report is sufficient for wide circulation. This implies that, in certain circumstances, issuing only this report is permissible.

II Correct. The rules explicitly state that if an auditor becomes aware of a contravention of the Financial Resources Rules, he must report it to the SFC This is an additional reporting obligation beyond the statutory audit report.

III  Incorrect. The rules explicitly state that if an auditor is unable to confirm compliance with the provisions of the Client Securities Rules and the Client Money Rules, he must report it to the SFC Similar to point II, this is an independent reporting obligation, not merely internal management advice.

IV Correct. The rules explicitly state that an auditor may submit two reports: one regarding the "true and fair" opinion, and the other covering all other matters.

第 71 题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为持有30%至50%投票权的人，若其持股比例（以过去12个月内的最低值为基准）增加超过2%，将触发“自由增购率”下的强制要约。

II错误，因为执行人员有权授出豁免但并非自动，且通常需要申请，不应假设豁免会被授予。

III正确，因为规则明确规定“所有强制要约必须包括现金部分”。

IV错误，因为强制要约的价格必须不少于要约人或其一致行动人在要约期内或开始前6个月内支付的最高价格。
课文原文（题目对应的知识点）：
执行人员有权在若干情况下授出无须作出强制要约的豁免；然而，不应假设将会授出该豁免。
上述须作出强制要约的情况可分作两类：触发及自由增购率。
当任何人或一致行动的人取得投票权，令他们持有一家公司的投票权的百分比增至 30%或以上时，便会产生触发。
当任何人或一致行动的人合共持有一家公司 30%至 50%的投票权，令他们所持该公司的投票权百分比，以过去 12 个月期间所持投票权的最低百分比计算，增加超过 2%时，自由增购率便会施加作出要约的责任。
所有强制要约必须包括现金部分，而要约价格必须不少于要约人或任何与要约人一致行动的人，在要约期内或要约期开始前 6 个月内已支付的最高价格。
英文解析：
I correct, because a person holding between 30% and 50% of voting rights triggers a mandatory offer under the "creep rule" if the increase exceeds 2% based on the lowest percentage held in the past 12 months.

II incorrect, because while the Executive has the power to grant exemptions, it is not automatic and typically requires an application; exemptions should not be assumed.

III correct, because the rules explicitly state that "all mandatory offers must include a cash element."

IV incorrect, because the offer price must not be less than the highest price paid by the offeror or any person acting in concert during the six months before or during the offer period.

第72题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为守则允许委任多于一名产品安排人，但须指定一名主要负责与证监会联络。

II正确，因为产品安排人应独立于任何受托人/保管人或任何主要产品对手。

III错误，因为守则明确指出，产品安排人无须因委任而对发行人或任何保证人的财务责任承担法律责任。

IV正确，因为产品安排人有责任维持适当的系统、监控、政策及程序，包括风险管理、估值等事宜。
课文原文（题目对应的知识点）：
发行人可委任多于一名产品安排人，但必须指定其中一名产品安排人主要负责与证监会聊络。
产品安排人亦应独立于任何受托人／保管人或任何主要产品对手（见下文）。
根据《非上市结构性投资产品守则》，产品安排人的首要责任是确保《手册》中的适用规定获得遵从。产品安排人有责任维持适当系统、监控、政策及程序，包括有关风险管理、结构性投资产品的估值及（如适用）抵押品的估值及行政事宜。
产品安排人须以证监会不时要求的形式向证监会提供资料及承诺。
《非上市结构性投资产品守则》亦明确指出，产品安排人无须因其委任而对发行人或任何保证人负有的财务责任承担法律责任。
英文解析：
I correct, because the Code allows the appointment of more than one product arranger but requires the designation of one as primarily responsible for liaising with the SFC.

II correct, because the product arranger should be independent of any trustee/custodian or any principal product counterparty.

III incorrect, because the Code explicitly states that the product arranger is not legally liable for the financial obligations of the issuer or any guarantor due to its appointment.

IV correct, because the product arranger is responsible for maintaining appropriate systems, controls, policies, and procedures, including risk management and product valuation.

第73题答案：
A
大屿老师（大屿surepass）解析：
I正确，拥有不少于4,000万港元投资组合的合伙，属于“法团专业投资者”。

II正确，如果一家法团（贸易公司）全资拥有一家符合法团专业投资者资格（拥有不少于4,000万港元投资组合）的子公司（资管公司），则母公司本身也可被视为法团专业投资者。

III错误，对于信托，成为“法团专业投资者”的标准是获委托总资产不少于4,000万港元。资产规模为3,800万港元，未达到门槛。

IV正确，拥有不少于4,000万港元总资产的法团（总资产15亿港元的地产公司）符合“法团专业投资者”的总资产标准。其主营业务是否为金融业不影响此项资产标准的判断。
课文原文（题目对应的知识点）：
法团专业投资者包括：
(a) 获委托总资产不少于4,000万港元（或其等值的任何外币）的信托公司；
(b) 拥有不少于800万港元（或其等值的任何外币）的投资组合或不少于4,000万港元（或等值货币）总资产的法团或合伙；
(c) 主 要 作 为 投 资 控 股 公 司 并 由 上 述 其 中 一 项 、 个 人 专 业 投 资 者 或 机构专业投资者所全资拥有的法团；及
(d) 全资拥有上文(b)提述的法团的法团。
附注：就法团专业投资者及个人专业投资者的目的而言,“投资组合”指证券、由受规管银行发出的存款证或款项。

英文解析：
I correct, a partnership with an investment portfolio of not less than HKD 40 million is a "Corporate Professional Investor."

II correct, if a corporation (the trading company) wholly owns a subsidiary (the asset management company) that qualifies as a Corporate Professional Investor (with an investment portfolio of not less than HKD 40 million), the parent company itself may also be regarded as a Corporate Professional Investor.

III incorrect, for a trust, the criterion to be a "Corporate Professional Investor" is having entrusted total assets of not less than HKD 40 million. Assets of HKD 38 million do not meet the threshold.

IV correct, a corporation with total assets of not less than HKD 40 million (the property company with HKD 1.5 billion assets) meets the total assets criterion for a "Corporate Professional Investor." Whether its main business is financial does not affect this assessment based on asset size.

第74题答案：
B
大屿老师（大屿surepass）解析：
I. 必须包含。这是帮助客户理解贷款成本的核心条款，对应“如何计算保证金贷款的利息”。

II. 必须包含。这对应“贷款的还款时间及方式”，是明确客户义务的关键信息。

III. 不应如此宽泛（不符合要求）。协议应披露“客户授权容许的抵押品用途”，但这通常限于为融资交易提供担保、在特定条件下进行再质押等合法合规的、有限的用途。授权公司“自由处置，包括用于任何自营交易”的条款过于宽泛且不符合监管保护客户资产的核心精神，可能构成不公平条款，不应被视为合规的强制披露内容。相反，必须明确且有限地披露抵押品的具体授权用途。

IV. 必须包含。这直接对应“追缴保证金的程序，例如何时发出追缴保证金通知及未能按通知缴款的后果”，是风险披露的关键部分。
课文原文（题目对应的知识点）：
保证金贷款协议
持牌法团在与客户订立明确的书面保证金客户协议前，不得为客户作出保证金买卖。客户协议须以客户理解的语言制备，并附有明确的风险披露声明。持牌人应确保客户理解保证金帐户的条款及条件，例如：
(a) 如何计算保证金贷款的利息；
(b) 贷款的还款时间及方式；
(c) 客户授权容许的抵押品用途；

(d) 获准贷款限额、贷款比率，以及不同类别的证券是否使用不同的贷款比率；
(e) 追缴保证金的程序，例如何时发出追缴保证金通知及未能按通知缴款的后果；及
(f) 证券保证金融资人为弥补保证金不足而出售客户证券抵押品前，应向客户发出的通知（如有）。
英文解析：
I Must be included. This is a core clause helping clients understand the cost of the loan, corresponding to “how the interest on margin loans is calculated.”

II Must be included. This corresponds to “the time and method of loan repayment” and is key information clarifying the clients obligations.

III  Should not be this broad (does not meet the requirement). The agreement should disclose “the authorized use of collateral by the client,” but this is typically limited to lawful, compliant, and limited purposes such as securing the financing transaction or repledging under specific conditions. A clause authorizing the company to “freely dispose, including for any proprietary trading” is overly broad and contrary to the regulatory spirit of protecting client assets. It may constitute an unfair term and should not be considered compliant mandatory disclosure. Instead, the specific, limited authorized uses of the collateral must be clearly disclosed.

IV Must be included. This directly corresponds to “the procedure for margin calls, e.g., when a margin call notice is issued and the consequences of failing to meet the notice,” which is a critical part of risk disclosure.

第75题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为公司停业一整年是法院清盘的法定理由之一。

II正确，因为公司无能力偿付债项是法院清盘的法定理由之一。

III正确，因为法院认为将公司清盘是公正公平的属于清盘理由，公司内部信任基础不复存在是其中一种情况。

IV错误，公司通过特别决议议决由法院清盘是其清盘的途径之一，但这并不排除法院根据其他法定理由（如无力偿债或公正公平）下令清盘的可能性。
课文原文（题目对应的知识点）：
如有以下情况，公司可由法院清盘：
(a) 公司已藉特别决议，议决公司由法院清盘；
(b) 公司在其成立为法团时起计一年内并无开始营业，或停业一整年；
(c) 公司并无成员；
(d) 公司无能力偿付其债项；
(e) 公司的组织章程细则订定某事件一旦发生则公司须予解散，而该事件已发生；或
(f) 法院认为将公司清盘是公正公平的。例子有：
(i) 公司未能达到其主要宗旨；
(ii) 公司为从事欺诈活动而组成；或
(iii) 公司成立时的互相信任、理解及信赖基础已不再存在。
英文解析：
I correct, because the companys suspension of business for a whole year is a statutory ground for winding-up by the court.

II correct, because the companys inability to pay its debts is a statutory ground for winding-up by the court.

III correct, because the courts opinion that it is just and equitable to wind up the company is a ground for winding-up, and the destruction of internal trust is one such situation.

IV incorrect, while a special resolution for winding-up by the court is one avenue, it does not preclude the court from ordering winding-up based on other statutory grounds such as insolvency or the just and equitable ground.

第76题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为该行为在境外（伦敦）发生，但影响了香港市场的金融工具（衍生品）价格，符合在境外发生而影响香港市场的行为这一监控情形。
II 正确，因为该董事在香港境内利用内幕信息交易新加坡上市公司股票，属于在香港发生而影响境外市场的行为。
III正确，因为该行为在境外（东京）发生，并影响了在香港市场交易的证券（双重上市股票）的价格，符合在境外发生而影响香港市场的行为这一监控情形。
IV正确，因为该分析师在境外发布针对香港上市证券的虚假报告，属于在境外发生而影响香港市场的行为。
课文原文（题目对应的知识点）：
请注意：《证券及期货条例》某些条文为扩大对境外市场操纵行为的监控作出规定，其中包括：
(a) 在香港发生而影响境外市场的行为；
(b) 在境外发生而影响香港市场的行为；及
(c) 涉及香港上市的证券或在香港双重上市的境外证券的内幕交易。
英文解析：
I correct, because the conduct occurred overseas (London) but affected the price of a financial instrument (derivative) in the Hong Kong market, fitting the surveillance scenario of "conduct occurring outside Hong Kong that affects the Hong Kong market."

II correct, because the conduct involves insider dealing in securities listed in Hong Kong (if the Singapore-listed shares qualify as overseas securities dually listed in Hong Kong). The director being in Hong Kong during the trade strengthens the connection.

III correct, because the conduct occurred overseas (Tokyo) and affected the price of securities (dually listed shares) traded in the Hong Kong market, fitting the scenario of "conduct occurring outside Hong Kong that affects the Hong Kong market."

IV correct because the analyst issued a false report targeting securities listed in Hong Kong outside the territory, which constitutes an "act occurring outside Hong Kong but having an impact on the Hong Kong market".

第 77 题答案：
A
大屿老师（大屿surepass）解析：
I. 符合定义。描述强调了合约目的是“通过参考上市证券的价格……以获得利润或避免损失”，这直接对应了相关定义中的核心特征。

II. 符合定义。在交易所交易的标准化合约（如期货）是典型的衍生工具，只要其价值参照上市证券价格，就符合定义。

III. 符合定义。这种证书（例如权证或期权证书）代表了“在上市证券中的权利、期权或权益”，并且是证明该权利的文书，属于定义涵盖的范围。

IV. 不符合定义。定义的适用范围明确限定为“就上市证券而言”。与非上市私营公司利润挂钩的合约，其挂钩标的并非“上市证券”，因此不在此特定定义范围内。
课文原文（题目对应的知识点）：
在《证券及期货条例》中，就市场失当行为而言，“衍生工具”就上市证券而言（不论该等衍生工具是否上市的），指：
(a) 在该等证券中的或关乎该等证券的权利、期权或权益；
附注︰按证券的定义，这些亦属证券。
(b) 任何合约，而该等合约的目的是藉参照上市证券或在上市证券中的权利、期权或权益的价格，以获得利润或避免损失；
(c) (a)段或(b)段的权利、期权或权益；及
(d) 任何产生、确认或证明(a)至(c)段任何一段项目的文书或其他文件，包括关乎该等上市证券或该等权利、期权、权益或合约的权益证明书或参与证明书、收据，或认购或购买的权证。

英文解析：
I Fits the definition. The description emphasizes that the contract’s purpose is “to make a profit or avoid a loss by reference to the price of listed securities,” which directly corresponds to the core characteristic in the relevant definition.

II Fits the definition. A standardized contract traded on an exchange (e.g., a futures contract) is a typical derivative instrument. As long as its value references the price of listed securities, it fits the definition.

III  Fits the definition. Such a certificate (e.g., a warrant or an option certificate) represents a “right, option, or interest in listed securities” and is an instrument that evidences that right, thus falling within the scope of the definition.

IV Does NOT fit the definition. The scope of the definition is explicitly limited to “in relation to listed securities.” A contract linked to the profit of a non-listed private company does not have “listed securities” as its underlying reference and therefore falls outside this specific definitional scope.

第 78题答案：
D
大屿老师（大屿surepass）解析：
I错误，因为控股股东的定义包括有权行使或控制30%或以上投票权的人士，或可控制董事会大部分成员的人士或一组人士，并非仅指单一自然人。

II正确，因为识别控股股东须综合考虑上市前后的多项因素，包括所有权持续性、控制权规定、业务独立性等。

III错误，因为仅检视股东名册并不足够，保荐人必须进行适当的尽职审查以评估具体情况。

IV正确，因为联交所对作为特定目的投资机构成立的法人团体有此假定，但允许上市申请人进行反驳。
课文原文（题目对应的知识点）：
《上市规则》规定，控股股东为任何：(i)有权行使或控制 30%或以上的投票权
股份或(ii)可控制组成发行人董事会的大部分成员的一名或一组人士。
就识别被视为控股股东的人士，须因应上市前及上市后的考虑因素，而该等因素
其中包括符合拥有权持续性及控制权的规定、披露竞争业务的权益、与独立非执行董事地位有关的董事独立性、上市申请人的合适性（包括申请人能独立营运其业务）及（如相关）识别持续关连交易。

保荐人将须就识别被视为控股股东的人士的工作进行适当的尽职审查，以评估
各上市申请人的具体情况。仅检视股东名册并不足够。
若法人团体为控股股东，则可能须检视该法人的拥有权及控制权，以厘定其股东
（不论以个人或以集团方式）有否对上市申请人行使有效控制权，在此情况下，
就上市前及上市后的规定而言，他们亦可能须被视作控股股东。香港交易及结算所有限公司（“香港交易所”）已表明，如法人团体乃作为特定目的投资机构成立，则其亦将会假定法人团体的任何控股股东的紧密联系人为控股股东，并假定法人团体的所有股东为控股股东。然而，上市申请人可能会反驳有关假定。
英文解析：
I incorrect, because the definition of a controlling shareholder includes any person(s) entitled to exercise or control 30% or more of the voting rights, or who can control the composition of a majority of the board; it is not limited to a single individual.

II correct, because identifying controlling shareholders requires comprehensive consideration of multiple factors both before and after listing, including continuity of ownership, control requirements, and business independence.

III incorrect, because merely inspecting the shareholder register is insufficient; the sponsor must conduct appropriate due diligence to assess the specific circumstances.

IV correct, because the Exchange has this presumption for corporate entities established as special-purpose investment vehicles, but it allows the listing applicant to rebut the presumption.

第79题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为持有5%附带投票权股本的成员可要求召开成员大会，若董事拒绝，成员可自行召开。

II正确，因为任何成员可向法院提出呈请将公司清盘。股东认为权益受损可作为理由之一，但法院会根据具体事实决定是否批准清盘令。

III错误，因为要求财政司司长委任调查员的条件是“100名成员或10%已发行股份的持有人”。他们仅持股8%，不符合持股比例要求；且未提及人数达到100名。

IV正确，因为如果成员认为公司行事方式损害普遍或部分成员权益，可向法院申请作出一项命令（包括可能撤销相关决议）。这属于对多数权力原则滥用的司法救济。
课文原文（题目对应的知识点）：
如公司可透过召开成员大会处理事务，法院一般不会介入公司的内部管理事务。公司内部事务按多数权力原则处理。
为确保多数权力原则不被滥用，《公司条例》订定一些保障措施保障少数股东的权益：
(a) 某些事项需经特别决议通过。
(b) 如公司的决定会直接影响债权人，则须获得法院批准。
(c) 异议成员可向法院上诉以撤销某些决议。
(d) 持有 5%附带投票权的已缴股本的成员可要求董事召开成员大会，如董事拒
绝有关要求，有关成员可自行召开成员大会。
(e) 100 名成员或 10%已发行股份的持有人可要求财政司司长委任调查员调查
公司事务。
(f) 如成员认为公司现时的行事方式损害普遍成员或部分成员的权益，则成员
可向法院申请作出一项命令。
(g) 任何成员可向法院提出呈请将公司清盘。
英文解析：
I correct, because holders of 5% of the paid-up share capital carrying voting rights may require directors to convene a meeting, and if refused, may convene it themselves.

II correct, because any member may petition the court to wind up the company. Shareholder prejudice can be one ground, though the court will decide based on facts.

III incorrect, because to request the Financial Secretary to appoint an inspector, the requirement is either 100 members or holders of 10% of the issued shares. They hold only 8% and the number of members is not mentioned as reaching 100.

IV correct, because if a member believes the companys conduct is prejudicial to members interests, they may apply to the court for an order (which could potentially include setting aside a resolution), providing judicial relief against majority abuse.

第80题答案：
B
大屿老师（大屿surepass）解析：
I错误，该说法不准确。期交所设定的按金是最低要求，期货公司可以（也常常需要基于风险管理）收取更高的按金。将其“直接作为”对所有客户的收取标准，虽然合规，但未体现公司根据自身风险判断酌情决定更高水平的权利和常见做法。

II正确，期货公司有权根据有效的风险管理因素（如波动性增大），收取高于期交所最低水平的按金。

III错误，规则明确规定，在客户未能提供足以达到最低按金要求的抵押品前，期交所参与者不得为其进行交易。这是强制性规定，不能因客户信用良好而违反。

IV正确，期交所的按金要求是参照包括价格波动等因素厘定的。期货公司定期评估市场波动并调整内部模型，这符合风险管理原则和规则精神。
课文原文（题目对应的知识点）：
期交所设定的按金乃作为及规定为最低要求水平。各期交所参与者可酌情决定
实际向客户收取的按金水平，但无论如何不得低于规定的最低水平。尤其是基于一些有效的风险管理因素，各商号可选择收取高于期交所设定的最低水平的按金。
期交所就各种透过其设施买卖的产品设立最低基本按金要求水平。当中最重要的是，《期交所规则》规定于客户未有提供足以达到最低按金要求的抵押品前，期交所参与者不得为该客户进行交易。期交所的按金要求乃参照以往价格波动纪录、现时及预期的市场状况，以及其他相关资料而厘定。基本按金要求乃信用保证金，旨在保证期货及期权合约得以履行。
英文解析：
I not fully accurate. While compliant, this statement does not accurately reflect the rule’s spirit that the exchange sets a minimum requirement, and firms may (and often should based on risk management) charge higher margins. Simply adopting it “directly” without considering firm-specific risk judgment is permissible but not a complete reflection of the discretionary aspect.

II correct. A futures firm has the right to charge margins higher than the exchange minimum based on valid risk management factors, such as increased volatility.

III incorrect. The rules clearly state that an exchange participant shall not conduct business for a client who has not provided sufficient collateral to meet the minimum margin requirement. This is a mandatory rule and cannot be violated due to client creditworthiness.

IV correct. The exchange’s margin requirements are determined with reference to factors including price volatility. A firm regularly assessing market volatility and adjusting its internal models aligns with risk management principles and the spirit of the rules.