【香港证券从业考试模拟练习题】第六期

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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 81 题

为消除或管理研究部门与投资银行部之间的利益冲突，根据《操守准则》，一家综合性金融机构“宏大金融”必须设立并遵守以下哪些程序？

I. 确保研究分析员的年度奖金考核，完全不与其研究报告所覆盖的公司的投资银行业务收入相关联。

II. 在发布关于某上市公司的研究报告前，将报告草稿送交投资银行部负责人审阅，以征求“专业意见”。

III. 允许资深分析员在由投资银行部组织的、面向机构投资者的“非交易性路演”中，介绍其研究成果和行业观点。

IV. 在研究部负责撰写某IPO公司研究报告期间，禁止投资银行部向该分析员透露招股章程草案范围之外的、关于该公司的未公开财务预测。

A. I,III

B. I,IV

C. II,III,IV

D. I,II,IV

对照版英文：

To eliminate or manage conflicts of interest between the research department and the investment banking division, which of the following procedures must a comprehensive financial institution "Grand Finance" establish and adhere to according to the Code of Conduct?

I. Ensure that research analysts annual bonus assessment is completely unrelated to the investment banking revenue from companies covered in their research reports.

II. Before publishing a research report on a listed company, send the draft to the head of the investment banking division for review to solicit "professional opinions."

III. Allow senior analysts to present their research findings and industry views at "non-deal roadshows" organized by the investment banking division for institutional investors.

IV. While the research department is preparing a report on an IPO company, prohibit the investment banking division from disclosing to the analyst any non-public financial forecasts about the company beyond the scope of the draft prospectus.

A. I,III

B. I,IV

C. II,III,IV

D. I,II,IV

第 82 题

“国安数字证券有限公司”是一家持牌虚拟资产服务提供者。公司正在根据证监会要求设立核心职能主管制度并制定反洗钱政策。关于监管预期和职能要求，以下哪些陈述是正确的？

I. 打击洗钱／恐怖分子资金筹集是证监会规定的八大核心职能之一，公司必须委任至少一名核心职能主管负责此职能。

II. 公司实施打击洗钱措施的主要目标是有效提升虚拟资产交易的收益率和客户满意度。

III. 证监会已颁布《打击洗钱指引》，旨在帮助公司及其高级管理层制定和执行合规的政策、程序和监控措施。

IV. 证监会无权就虚拟资产相关的客户尽职审查事宜发布指引，此类事宜完全由《打击洗钱条例》自行规定。

A. I,II,III

B. I,II,IV

C. I,III

D. II,III,IV

对照版英文：

“Guoan Digital Securities Limited” is a licensed virtual asset service provider. The firm is establishing a Manager-In-Charge regime and formulating AML policies as required by the SFC. Regarding regulatory expectations and functional requirements, which statements are correct?

I. AML/CFT is one of the eight core functions specified by the SFC, and the firm must appoint at least one Manager-In-Charge for this function.

II. The primary objective of implementing AML measures is to effectively increase the yield of virtual asset transactions and enhance client satisfaction.

III. The SFC has issued the Anti-Money Laundering Guideline to help the firm and its senior management develop and implement compliant policies, procedures, and controls.

IV. The SFC has no authority to issue guidance on customer due diligence matters related to virtual assets, which are solely governed by the Anti-Money Laundering Ordinance.

A. I,II,III

B. I,II,IV

C. I,III

D. II,III,IV

第 83 题

“信诚评级公司”正在审查其关于员工行为与利益冲突的内部政策。根据对评级机构代表独立性的额外规定，以下哪些条款是必须包含且正确的？

I. 资深分析师的年度奖金，其中一部分可以根据其负责评级的几家主要客户所支付的总费用池的一定比例计提。

II. 禁止任何参与评级过程的员工，买卖由其负责分析的公司发行的证券或其衍生工具（通过集体投资计划持有除外）。

III. 规定分析师的汇报对象是其所在部门的业务总监，而该业务总监的薪酬则与整个部门的收入业绩直接挂钩。

IV. 要求员工不得接受业务关联方提供的现金馈赠，但价值低于500港元的非现金礼品或普通餐饮招待可以接受。

A. I,II

B. II,III

C. II,IV

D. III,IV

对照版英文：

“Integrity Ratings Co.” is reviewing its internal policies on employee conduct and conflicts of interest. According to the additional provisions on the independence of rating agency representatives, which of the following clauses must be included and are correct?

I. Part of a senior analysts annual bonus can be calculated as a percentage of the total fee pool from several major clients whose ratings she is responsible for.

II. Prohibit any employee involved in the rating process from trading securities or their derivatives issued, guaranteed, or otherwise supported by companies within their primary analytical responsibility (except through collective investment schemes).

III. Stipulate that analysts report to the Business Director of their department, whose compensation is directly linked to the departments revenue performance.

IV. Require employees not to accept cash gifts from business associates, but non-cash gifts or ordinary entertainment below HKD 500 in value are acceptable.

A. I,II

B. II,III

C. II,IV

D. III,IV

第 84 题

一家香港本地基金公司与一家欧洲资产管理公司因一份跨境投资管理协议的履行产生争议。双方在合同中约定，任何争议提交香港国际仲裁中心解决。公司的法务团队正在向管理层解释选择仲裁而非法院诉讼的特点。根据香港的仲裁制度，以下哪些解释是正确的？

I. 仲裁是由中立的第三方（仲裁员）作出裁决，且该裁决对争议双方均具有法律约束力。

II. 香港国际仲裁中心既可以受理争议双方均在香港的本地仲裁，也可以受理至少一方位于境外的国际仲裁。

III. 仲裁程序通常以公开方式进行，以确保程序的透明度和公信力。

IV. 根据相关法规，涉及杠杆式外汇交易的纠纷属于可以提交仲裁解决的争议类型。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

A Hong Kong-based fund company and a European asset management firm are in a dispute over the performance of a cross-border investment management agreement. Their contract stipulates that any disputes shall be submitted to the Hong Kong International Arbitration Centre (HKIAC) for resolution. The companys legal team is explaining to management the characteristics of choosing arbitration over court litigation. According to Hong Kongs arbitration system, which of the following explanations are correct?

I. Arbitration involves a decision made by a neutral third party (arbitrator), and the award is legally binding on both disputing parties.

II. The HKIAC can handle both domestic arbitrations (where both parties are in Hong Kong) and international arbitrations (where at least one party is located outside Hong Kong).

III. Arbitration proceedings are typically conducted publicly to ensure transparency and credibility.

IV. According to relevant regulations, disputes involving leveraged foreign exchange trading are a type of controversy that can be submitted to arbitration.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 85 题

关于财政司司长委任审查员调查上市法团拥有权或控制权的权力，在以下哪些具体情景中，财政司司长可以行使该权力？

I. 财政司司长基于市场情报和分析，怀疑“先锋科技”的实际控制人通过多层嵌套的信托隐瞒身份，可能涉及市场操纵。

II. 持有“稳健集团”5%股份的单一股东“诚信资本”，单方面向财政司司长办公室提交申请，要求调查公司的控制权结构。

III. 符合法定最低人数的“创新生物”公司股东联名提出申请，并有证据显示公司主要资产被转移至一个与董事有关联的未披露实体。

IV. “恒通金融”公司因连续两年亏损，其小股东团体向财政司司长申请调查公司管理层的经营能力。

A. I,III

B. I,II,IV

C. II,III,IV

D. I,II,III

对照版英文：

Regarding the Financial Secretarys power to appoint an inspector to investigate the ownership or control of a listed corporation, in which of the following specific scenarios may the Financial Secretary exercise this power?

I. Based on market intelligence and analysis, the Financial Secretary suspects that the actual controller of “Pioneer Tech” is concealing their identity through multi-layered trusts, potentially involving market manipulation.

II. “Integrity Capital,” a single shareholder holding 5% of “Steady Group,” unilaterally submits an application to the Financial Secretarys office requesting an investigation into the companys control structure.

III. A group of shareholders of “Innovative Bio,” meeting the statutory minimum number, jointly file an application with evidence showing the companys major assets were transferred to an undisclosed entity related to a director.

IV. A minority shareholder group of “Hengtong Finance,” due to the companys consecutive two-year losses, applies to the Financial Secretary to investigate the managements operational competence.

A. I,III

B. I,II,IV

C. II,III,IV

D. I,II,III

第 86 题

“稳健证券”是一家已在联交所和期交所注册的参与者，同时持有证监会第1类及第2类牌照。在完成上一年度的运营后，公司需要处理一系列合规与报告事务。根据监管框架，以下哪些是该公司必须履行的责任或可能面临的情况？

I. 因其业务同时涉及证券与期货，需确保其证监会牌照同时涵盖第1类和第2类受规管活动。

II. 在财政年度结束后，需主动向香港交易所提交一份合规评核表格。

III. 香港交易所会参考该公司提交的表格、过往合规记录及在特定重点范畴的交易活动，对其整体风险状况进行评估。

IV. 如果香港交易所的评估结果良好，该公司将自动豁免未来三年的所有现场合规检查。

A. I,II

B. II,III,IV

C. I,II,III

D. I,III,IV

对照版英文：

“Steady Securities” is a participant registered with both SEHK and HKFE, holding SFC Type 1 and Type 2 licenses. After completing the previous years operations, the company needs to address a series of compliance and reporting matters. According to the regulatory framework, which of the following are responsibilities it must fulfill or situations it may encounter?

I. As its business involves both securities and futures, it must ensure its SFC license covers both Type 1 and Type 2 regulated activities.

II. After the financial year-end, it needs to proactively submit a Compliance Assessment Form to HKEX.

III. HKEX will assess its overall risk profile by considering the submitted form, past compliance records, and its trading activities in specific focus areas.

IV. If HKEXs assessment results are favorable, the company will be automatically exempt from all on-site compliance inspections for the next three years.

A. I,II

B. II,III,IV

C. I,II,III

D. I,III,IV

第 87 题

分析师小李在为客户准备深港通投资说明会材料。他需要向客户解释哪些深交所上市的证券可以通过北向交易购买。在准备过程中，他梳理了以下几点内容：

I. 小李告诉客户，所有在深交所以人民币交易的A股，都可以通过深港通买卖。

II. 小李解释，对于一只深交所ETF，其合资格条件（如上市时间、资产规模等）与上交所ETF类似。

III. 小李提醒客户，如果一只深市A股是深证综合指数成份股，那么它一定始终具备北向买入资格。

IV. 小李指出，如果客户想投资的深市A股公司也在港交所发行了H股，那么该A股通常具备北向交易资格。

请问，小李的上述内容中，哪些表述是准确的？

A. II,IV

B. I,III

C. I,II

D. III,IV

对照版英文：

Analyst Xiao Li is preparing materials for a client seminar on Shenzhen-Hong Kong Stock Connect investment. He needs to explain to clients which Shenzhen-listed securities are purchasable through Northbound trading. During his preparation, he compiled the following points:

I. Xiao Li tells clients that all A-shares trading in RMB on the SZSE can be traded via Shenzhen-Hong Kong Stock Connect.

II. Xiao Li explains that for a SZSE-listed ETF, its eligibility criteria (such as listing period, asset size) are similar to those for SSE-listed ETFs.

III. Xiao Li reminds clients that if a Shenzhen-listed A-share is a constituent of the Shenzhen Composite Index, it will always be eligible for Northbound purchase.

IV. Xiao Li points out that if the Shenzhen-listed A-share company the client wants to invest in also has an H-share listed on HKEX, that A-share is typically eligible for Northbound trading.

Which of Xiao Li’s statements are accurate?

A. II,IV

B. I,III

C. I,II

D. III,IV

第 88 题

券商“第一证券”（CCEP）的北向交易业务主管正在更新其保证金交易业务指南。以下哪些内容是他必须向客户和交易员准确传达的正确规则？

I. 他说明，北向保证金交易服务只能由CCEP，或已向联交所登记可通过CCEP进行此类交易的参与者提供。

II. 他提醒，对于合资格ETF，当融资余额和抵押品市值之和达到其流通市值的70%时，交易所会暂停其保证金交易。

III. 他指出，一只因融资监控指标达到26%而被暂停融资买入的股票，当该指标回落至21%时，即可自动恢复保证金交易。

IV. 他强调，南向交易通的保证金交易规则与北向交易通完全相同，都受融资监控指标约束。

A. I

B. I,II

C. II,IV

D. III,IV

对照版英文：

The Northbound trading business head at broker “First Securities” (a CCEP) is updating its margin trading business guidelines. Which of the following are correct rules he must accurately communicate to clients and traders?

I. He states that Northbound margin trading services can only be provided by a CCEP, or by an Exchange Participant registered with SEHK to conduct such trading through a CCEP.

II. He reminds that for eligible ETFs, when the sum of the margin financing balance and the market value of collateral reaches 70% of its circulating market value, the exchange will suspend its margin trading.

III. He points out that for a stock whose margin buying was suspended because its monitoring indicator reached 26%, margin trading will automatically resume when the indicator falls back to 21%.

IV. He emphasizes that the margin trading rules for the Southbound Trading Link are identical to those for the Northbound link, both subject to margin financing monitoring indicators.

A. I

B. I,II

C. II,IV

D. III,IV

第 89 题

“标准信评有限公司”为提升其评级质量与公信力，计划对其评级方法论与操作流程进行系统性审查与优化。根据相关职业准则，以下哪些措施是其必须建立或遵循的核心要求？

I. 建立内部快速通道，允许资深分析师在特定紧急情况下，基于其专业判断先行确定评级结果，事后再补充书面分析报告。

II. 制定并公布一套严谨、系统化的评级方法，并要求所有评级分析均严格依据该方法进行。

III. 建立书面程序，确保每一次评级所依据的信息均经过审核，是其已知的与评级分析相关的全部重要信息。

IV. 对主要评级类别或模型，在可能的情况下，定期通过回溯测试等方法对评级结果进行客观核实。

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

“Standard Ratings Ltd.” plans a systematic review and enhancement of its rating methodologies and operational processes to improve rating quality and credibility. According to relevant professional standards, which of the following measures are core requirements it must establish or adhere to?

I. Establish an internal fast-track allowing senior analysts to determine a rating based on their professional judgment in specific urgent situations first, and supplement the written analysis report afterwards.

II. Develop and publish a rigorous, systematic rating methodology and require all rating analyses to strictly follow this methodology.

III. Establish written procedures to ensure that each rating is based on all information known to it that is relevant to the analysis.

IV. For major rating categories or models, periodically conduct objective verification of rating outcomes through methods like back-testing where possible.

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 90 题

“稳建收益私人开放式基金型公司”计划对其法团成立文书进行两项修订：修订一，纠正一处关于股东大会法定人数的笔误；修订二，增加一项允许投资经理在特定情况下收取业绩报酬的条款，这可能影响股东利益。关于这两项修订的程序，以下哪些说法是正确的？

I. 两项修订都必须先获得股东大会的批准才能生效。

II. 修订一（纠正笔误）属于例外情况，可能无需事先获得股东大会批准。

III. 对于修订二（增加业绩报酬），公司必须按照其要约文件或成立文书的规定，就此向股东发出合理的事先通知。

IV. 所有关于法团成立文书的修订，无论性质如何，都必须在生效前获得证监会的书面批准。

A. I,II

B. I,IV

C. II,III

D. III,IV

对照版英文：

“SteadyGrowth Private Open-ended Fund Company” plans two amendments to its corporate constitutive documents. Amendment 1 corrects a clerical error regarding the quorum for shareholder meetings. Amendment 2 adds a clause allowing the investment manager to charge performance fees under certain circumstances, which may affect shareholder interests. Regarding the procedures for these amendments, which of the following statements are correct?

I. Both amendments must obtain shareholder approval at a general meeting before taking effect.

II. Amendment 1 (correcting a clerical error) is an exception and may not require prior shareholder approval.

III. For Amendment 2 (adding performance fees), the company must give shareholders reasonable advance notice of the change in accordance with its offering documents and/or constitutive documents.

IV. All amendments to constitutive documents, regardless of nature, require prior written approval from the SFC before taking effect.

A. I,II

B. I,IV

C. II,III

D. III,IV

第 91 题

根据豁除规定，判断在以下哪些情景中，相关人士无须持有“就证券提供意见”的专门牌照，即可进行所述活动？

I. 陈会计师在审计一家上市公司的财务报表时，与公司管理层探讨了其某项长期股权投资的价值评估问题。

II. 某财经新闻网站的签约评论员，在其公开发布的付费订阅专栏中，定期推荐股票并分析其买入卖出时机。

III. “环球控股集团”的内部战略部，向其旗下的一家全资子公司提供关于优化其证券投资组合的建议。

IV. “先锋证券交易公司”（持有第1类牌照）的研究部，向所有客户群发了一份关于某行业的研究报告，并给出了“增持”评级，但声明该报告不构成具体投资建议。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

According to the exclusion provisions, determine in which of the following scenarios the relevant person does NOT need to hold a specific license for "advising on securities" to engage in the described activity.

I. Accountant Chan, while auditing the financial statements of a listed company, discusses the valuation issues of one of its long-term equity investments with the companys management.

II. A contracted commentator for a financial news website regularly recommends stocks and analyzes their buying and selling timing in a publicly available, paid-subscription column.

III.  The internal strategy department of "Global Holding Group" provides advice on optimizing its securities investment portfolio to a wholly-owned subsidiary.

IV. The research department of "Vanguard Securities Trading Company" (holding a Type 1 license) distributes a research report on a particular industry to all its clients, giving an "overweight" rating but stating that the report does not constitute specific investment advice.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 92 题

“稳健收益基金”是一家在开曼群岛注册的开放式基金，其管理人计划向香港公众投资者进行推广和销售。该基金的管理公司需要了解在香港进行此类活动的主要监管路径。关于向香港公众发售集体投资计划（CIS）的规定，以下哪几项陈述是正确的？

I. 向香港公众发售的CIS，必须是在联交所上市的公司，或者获得证监会的认可。

II. 证监会可以根据其认为适当的任何条件，授予、拒绝或撤回对CIS的认可。

III. 任何获认可的CIS，都必须有一名经证监会核准的个人作为联络人，负责接收证监会的通知和决定。

IV. 所有不在香港向公众销售的CIS，完全不受任何形式的证监会监管。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

"Steady Yield Fund" is an open-ended fund registered in the Cayman Islands, and its manager plans to promote and sell it to the Hong Kong public. The funds management company needs to understand the primary regulatory pathways for such activities in Hong Kong. Regarding the rules for offering collective investment schemes (CIS) to the Hong Kong public, which of the following statements are correct?

I. A CIS offered to the Hong Kong public must either be a company listed on the Exchange or be authorized by the SFC.

II. The SFC may grant, refuse, or withdraw authorization of a CIS under any conditions it deems appropriate.

III. Any authorized CIS must have an individual approved by the SFC as a contact person to receive notifications and decisions from the SFC.

IV. All CIS not offered to the public in Hong Kong are entirely exempt from any form of SFC regulation.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 93 题

“环球收益基金”的基金经理计划更换其现有的基金资产代管人，并与一家新的合格机构初步达成了合作意向。基金经理的合规团队正在审议此次变更的相关义务。在此背景下，根据相关操守要求，以下哪些是基金经理必须履行的职责？

I. 在签署正式托管协议书前，需评估并确保该新代管人具备适当的资格与能力。

II. 需在基金年度报告的“其他事项”章节中，简要提及托管安排可能涉及的风险。

III. 需就此次更换代管人的决定，以及新托管安排可能涉及的任何重大风险，向基金投资者作出披露。

IV. 在与新代管人签署协议后，基金经理的监督责任即告完成，后续由代管人全权负责资产安全。

A. I,III

B. I,II

C. II,IV

D. III,IV

对照版英文：

The fund manager of the “Global Yield Fund” plans to change its current fund asset custodian and has reached a preliminary agreement with a new qualified institution. The fund managers compliance team is reviewing the associated obligations for this change. In this context, which of the following are duties the fund manager must fulfill according to relevant conduct requirements?

I. Before signing a formal custody agreement, assess and ensure the new custodian possesses appropriate qualifications and capabilities.

II. Briefly mention the potential risks involved in custody arrangements in the “Other Matters” section of the funds annual report.

III. Disclose to fund investors the decision to change custodians and any material risks associated with the new custody arrangements.

IV. Once the agreement with the new custodian is signed, the fund managers supervisory duty is complete, and the custodian is solely responsible for asset safety thereafter.

A. I,III

B. I,II

C. II,IV

D. III,IV

第 94 题

证监会在对信达企业融资有限公司进行例行检查时，重点关注其内部组织与合规架构。检查人员需要评估该公司是否符合相关操守要求。根据规定，以下哪些情况表明该公司可能已满足其基本义务？

I. 公司所有从事第6类受规管活动的董事和代表，其牌照状态均有效且适当。

II. 公司设立了合规部，但该部门负责人同时兼任运营部主管，并向首席运营官汇报工作。

III. 公司任命了一位专责合规主任，该主任独立于所有业务部门，并直接向首席执行官汇报。

IV. 公司首席执行官在会议上强调，由于业务繁忙，他本人将暂时兼任合规主任一职。

A. I,II

B. I,III

C. I,IV

D. II,IV

对照版英文：

During a routine inspection of Xinda Corporate Finance Limited, the SFC focuses on its internal organization and compliance structure. The inspectors need to assess whether the firm meets relevant conduct requirements. According to the rules, which of the following scenarios indicate the firm may have fulfilled its basic obligations?

I. All directors and representatives engaged in Type 6 regulated activities at the firm have valid and appropriate licenses or registrations.

II. The firm has established a compliance department, but its head also serves as the head of operations and reports to the Chief Operating Officer.

III. The firm has appointed a dedicated Compliance Officer who is independent of all business departments and reports directly to the Chief Executive Officer.

IV. The firms CEO announced in a meeting that, due to busy operations, he will temporarily assume the role of Compliance Officer.

A. I,II

B. I,III

C. I,IV

D. II,IV

第 95 题

关于获发牌从事第13类受规管活动（提供存管服务）的持牌法团及其有联系实体在处理集体投资计划款项方面的责任，以下哪些说法是正确的？

I. 该类持牌法团必须在收到计划款项后的4个营业日内，将其存入指定的信托或客户账户。

II. 存放计划款项的账户，必须在认可财务机构（如银行）或为相关目的获证监会批准的其他实体处开立。

III. 根据计划文件或书面指令，可以从账户中提取款项并支付给负责该计划日常运营的持牌法团的一名高级管理人员，以报销其垫付的费用。

IV. 与第13类持牌法团存在控权实体关系的另一家公司，在香港收取的计划款项，同样受《客户款项规则》管辖。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

Regarding the responsibilities of corporations licensed for Type 13 regulated activity (providing custodian services) and their associated entities in handling money from collective investment schemes, which of the following statements are CORRECT?

I. Such licensed corporations must deposit the scheme money into a designated trust or client account within 4 business days of receipt.

II. The account for depositing scheme money must be opened and maintained with an authorized financial institution (e.g., a bank) or any other entity approved by the SFC for that purpose.

III.  According to the scheme documents or a written instruction, money may be withdrawn from the account and paid to a senior manager of the licensed corporation responsible for the schemes daily operations to reimburse their advanced expenses.

IV. Scheme money received in Hong Kong by another company that has a controlling entity relationship with the Type 13 licensed corporation is also governed by the Client Money Rules.

A. I,II

B. I,III

C. II,IV

D. III,IV

第 96 题

“过分频密的交易”是不当行为，其判断核心在于交易目的与客户利益的背离。请判断以下哪些情景，最可能构成“过分频密的交易”？

I. 投资经理为追求短期业绩排名，根据市场热点频繁调整其管理的委托账户的股票组合，导致账户换手率远超同类策略平均水平。

II. 交易员为满足做市商义务，在市场中同时提供买卖双边报价，导致其管理的账户交易活跃。

III. 基金经理发现某上市公司存在重大基本面风险，为控制下行风险，在一周内将基金对该股票的重仓持股逐步清空。

IV. 投资顾问为提高其所在券商的佣金收入，在其管理的多个客户账户中，反复进行无明确投资理由的同方向股票买卖。

A. I,II

B. I,IV

C. II,III

D. III,IV

对照版英文：

“Churning” (excessive trading) is misconduct where the key determination is a misalignment between the purpose of trading and the clients best interests. Determine which of the following scenarios most likely constitute “churning.”

I. An investment manager, chasing short-term performance rankings, frequently adjusts the stock portfolio of a managed discretionary account based on market trends, resulting in a turnover rate far exceeding the average for similar strategies.

II. A trader, to fulfill market-making obligations, simultaneously provides bid and ask quotes in the market, leading to active trading in the managed account.

III. A fund manager identifies a material fundamental risk in a listed company and, to control downside risk, gradually liquidates the funds heavy position in that stock over a week.

IV. An investment adviser, to boost commission income for his brokerage firm, repeatedly conducts buy and sell trades in the same direction across multiple client accounts without clear investment rationale.

A. I,II

B. I,IV

C. II,III

D. III,IV

第 97 题

“环球衍生品交易有限公司”是一家香港持牌法团，专门从事场外衍生工具交易。根据《操守准则》关于开仓及变动保证金的规定，分析在以下哪些情景中，该公司必须遵守相关的保证金收取义务？

I. 与香港金融管理局（HKMA）进行一笔非中央结算的利率掉期交易。

II. 与一家资产规模庞大的国际对冲基金（其集团的非中央结算场外衍生工具名义总额超过门槛）进行一笔信用违约互换（CDS）交易。

III. 与一家本地注册的证券公司（该证券公司是受证监会规管的注册机构）进行一笔非中央结算的股权期权交易。

IV. 与一家大型矿业公司进行一笔以实物交割为标准的商品远期合约交易。

A.II,III

B. I,II

C. II,IV

D. III,IV

对照版英文：

"Global Derivatives Trading Limited" is a Hong Kong licensed corporation specializing in OTC derivative transactions. According to the Code of Conduct rules on initial and variation margin, in which of the following scenarios must the company comply with the relevant margin collection obligations?

I. Entering into a non-centrally cleared interest rate swap transaction with the Hong Kong Monetary Authority (HKMA).

II. Entering into a Credit Default Swap (CDS) transaction with a large international hedge fund (whose groups aggregate notional amount of non-centrally cleared OTC derivatives exceeds the threshold).

III. Entering into a non-centrally cleared equity option transaction with a locally registered securities firm (which is a registered institution regulated by the SFC).

IV. Entering into a physically-settled commodity forward contract transaction with a large mining company.

A. II,III

B. I,II

C. II,IV

D. III,IV

第 98 题

判断以下哪些行为可能构成《证券及期货条例》所禁止的“虚假交易”？

I. 交易员为推高某港交所上市股票的价格，在收盘集合竞价阶段以远高于市价的价格申报大量买入，但无意成交，旨在扭曲收盘价。

II. 某机构通过自动化交易系统，在伦敦市场对其发行的、同时在香港认可市场交易的衍生工具进行对倒交易，以维持其在香港市场的流动性假象。

III. 投资者基于对公司前景的强烈看好，在东京市场连续买入一家香港上市公司的存托凭证，导致其在东京市场的价格上涨。

IV. 做市商为了履行其持续报价义务，在香港市场为其负责的证券同时挂出买卖双边报价，即使当时市场并无真实需求。

A. I,II

B. I,II,IV

C. II,III,IV

D. I,II,III,IV

对照版英文：

Determine which of the following acts could constitute “false trading” prohibited under the Securities and Futures Ordinance.

I. A trader, aiming to boost the price of a stock listed on HKEX, placed a large volume of buy orders at a price far above the market during the closing auction, with no intention to trade, to distort the closing price.

II. An institution used an automated trading system to conduct wash trades in London for a derivative instrument it issued, which is also traded on a recognized market in Hong Kong, to maintain a false appearance of liquidity in the Hong Kong market.

III. An investor, strongly bullish on a companys prospects, continuously bought the depository receipts of a Hong Kong-listed company on the Tokyo market, causing its price to rise there.

IV. A market maker, to fulfill its continuous quoting obligation, simultaneously posted both bid and ask quotes for a security it covers in the Hong Kong market, even when there was no genuine market demand.

A. I,II

B. I,II,IV

C. II,III,IV

D. I,II,III,IV

第 99 题

“寰球金融集团”旗下同时拥有企业融资顾问业务和自营证券交易业务。集团管理层正在制定相关政策，以确保符合相关职业操守要求。以下哪些措施是集团必须建立且有效的？

I. 设立跨部门的“信息交流协调会”，定期促进顾问业务与交易业务之间的市场洞见分享。

II. 为顾问团队和交易团队分别设立独立的办公区域和门禁系统，进行物理隔离。

III. 制定明确的书面政策，规定顾问在未向客户充分披露前，不得接受与客户业务相关的任何款待或利益。

IV. 要求担任发行人保荐人的顾问团队，在判断发行人是否适合上市时，将发行人与集团其他业务的潜在合作机会作为一项积极考虑因素。

A. II,III

B. I,II

C. I,III,IV

D. II,III,IV

对照版英文：

The “Global Finance Group” operates both a corporate finance advisory business and a proprietary securities trading business. Group management is drafting policies to ensure compliance with relevant professional conduct requirements. Which of the following measures must the group establish effectively?

I. Establish a cross-departmental “Information Exchange Committee” to regularly facilitate sharing market insights between the advisory and trading businesses.

II. Set up separate office areas and access control systems for the advisory team and the trading team to achieve physical segregation.

III. Formulate clear written policies stating that advisers must not accept any entertainment or benefits related to a clients business without prior adequate disclosure to the client.

IV. Require the advisory team acting as a sponsor to consider potential business cooperation opportunities between the issuer and other group businesses as a positive factor when assessing the issuers suitability for listing.

A. II,III

B. I,II

C. I,III,IV

D. II,III,IV

第 100 题

“安泰投资”是一家行使投资酌情权的持牌资产管理公司。它计划将其客户交易委托给“环球经纪”执行，并从“环球经纪”处收取非金钱利益。根据《操守准则》，为确保此安排合规，“安泰投资”必须做到以下哪些事项？

I. 确保“环球经纪”提供的非金钱利益（如研究报告）须明显地对“安泰投资”的客户有利。

II. 确保“环球经纪”为客户账户执行的交易，其佣金率不高于一般提供全面服务的经纪所收取的比率。

III. 在其与客户签订的委托管理协议中，包含客户同意其可接受此类非金钱利益的条款。

IV. 每年至少一次向客户披露其从“环球经纪”处收取的非金钱利益的具体详情。

A. I,II

B. II,III,IV

C. I,III,IV

D. I,II,III

对照版英文：

"SafeGuard Investments" is a licensed asset management firm exercising investment discretion. It plans to place its client trades with "Global Broker" for execution and receive non-monetary benefits from "Global Broker." According to the Code of Conduct, to ensure this arrangement is compliant, which of the following must "SafeGuard Investments" do?

I. Ensure the non-monetary benefits provided by "Global Broker" are of clear benefit to its clients.

II. Ensure the commission rate charged by "Global Broker" is not higher than that of a typical full-service broker.

III. Include in its client agreement a clause where clients consent to it receiving such non-monetary benefits.

IV. Disclose the specific details of the non-monetary benefits received to clients at least annually.

A. I,II

B. II,III,IV

C. I,III,IV

D. I,II,III

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第81题答案：
B
大屿老师（大屿surepass）解析：
I正确，规定要求分析员的报酬不应与投资银行交易直接挂钩，确保考核不关联是落实此要求的关键。

II错误，规定明确要求不容许投资银行部预先核准研究。送审报告草稿征求意见，构成了实质性的事前核准或影响，违反了此项程序。

III错误，规定要求不容许研究分析员招揽投资银行业务。参与由投行组织的路演活动，无论是否“交易性”，都可能被视为参与商务推销的一部分，存在招揽业务的嫌疑，通常被禁止或严格限制。

IV正确，规定禁止向负责撰写IPO研究报告的分析员提供招股章程预期范围之外或非公开的重要资料，以防止信息不对称和不公平的研究优势。
课文原文（题目对应的知识点）：
应设立汇报途径及其他全公司的监察程序,以消除、避免或管理实际或潜在的利
益冲突。
该等程序包括：
(a) 不容许投资银行部预先核准研究；
(b) 分析员的报酬不应与投资银行交易直接挂钩；
(c) 不容许研究分析员招揽投资银行业务（即分析员不应参与商务推销及交易
巡回推介）；及
(d) 不会向负责就新上市申请人拟备研究报告的分析员,提供下述与新上市申
请人有关的任何重要资料：
(i) 并非合理地预期将会载于招股章程的资料；或
(ii) 非公开资料。
英文解析：
I correct, rules require that analysts compensation should not be directly linked to investment banking transactions. Ensuring assessment is unrelated is key to implementing this requirement.

II incorrect, rules explicitly state that the investment banking division is not permitted to pre-approve research. Sending a draft for review constitutes substantial pre-approval or influence, violating this procedure.

III incorrect, rules require that research analysts are not permitted to solicit investment banking business. Participating in roadshows organized by the IBD, regardless of being "non-deal," could be seen as part of business solicitation and is typically prohibited or strictly restricted.

IV correct, rules prohibit providing analysts preparing IPO research with material information beyond the expected prospectus scope or that is non-public, to prevent information asymmetry and unfair research advantages.

第 82题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为证监会规定打击洗钱／恐怖分子资金筹集是高级管理层的八大核心职能之一，并要求至少委任一名核心职能主管负责。

II错误，因为实施打击洗钱措施的目标是“有效发现及防止洗钱／恐怖分子资金筹集”，而非提升交易收益率和客户满意度。

III正确，因为证监会已颁布《打击洗钱指引》，以助持牌法团等制订及执行加强符合法律规定的政策、程序及监控措施。

IV错误，因为《打击洗钱条例》授权证监会就条例各个方面（包括虚拟资产活动）的执行发布指引，证监会已就此发布指引。
课文原文（题目对应的知识点）：
证监会预期持牌法团及持牌虚拟资产服务提供者将实施打击洗钱／恐怖分子资金筹集措施，以有效发现及防止洗钱／恐怖分子资金筹集。为反映此项措施，证
监会的核心职能主管制度规定，高级管理层的 8 大核心职能之一是打击洗钱／恐怖分子资金筹集，并规定至少一名人士获委任为
负责该职能的核心职能主管。
《打击洗钱条例》授权证监会就《打击洗钱条例》各个方面的执行发布指引，包
括实施客户尽职审查、备存纪录以及进行涉及虚拟资产的活动。就此而言，证监

会已颁布《打击洗钱指引》，提供指引以助持牌法团、持牌虚拟资产服务提供者
及其高级管理层制订及执行加强符合法律规定的政策、程序及监控措施。
英文解析：
I correct, because the SFC specifies AML/CFT as one of the eight core functions and requires the appointment of at least one Manager-In-Charge for it.

II incorrect, because the objective of AML measures is to effectively detect and prevent ML/TF, not to increase transaction yield or client satisfaction.

III correct, because the SFC has issued the Guideline to assist licensed entities in developing and implementing compliant policies, procedures, and controls.

IV incorrect, because the Anti-Money Laundering Ordinance authorizes the SFC to issue guidance on all aspects of its implementation, including activities involving virtual assets.

第83题答案：
C
大屿老师（大屿surepass）解析：
I错误，在厘定代表的报酬时，不应以机构从该代表负责评级或经常接触的获评级实体得到的收入额为基准。将奖金与客户费用池挂钩违反了此项规定。

II正确，直接参与评级过程的代表，不得买卖由其主要分析责任范围内的实体发行或支持的证券或其衍生工具（集体投资计划除外）。

III错误，代表的汇报途径应避免潜在的利益冲突。若业务总监薪酬与部门收入挂钩，可能促使他向分析师施加商业压力，影响评级独立性。

IV正确，代表及雇员不得收受以现金形式提供的馈赠或任何超逾最低金钱价值的馈赠。公司可设定一个较低的金额（如500港元）作为“最低金钱价值”的界限，允许接受价值低于此的非现金礼品。
课文原文（题目对应的知识点）：
就信贷评级机构代表的独立性施加的额外规定包括以下各点：
(a) 代表的汇报途径及报酬安排应避免实际或潜在的利益冲突；
(b) 在厘定信贷评级机构代表的报酬时,不应以该信贷评级机构从该代表负责
评级或与该代表经常接触的获评级实体得到的收入额为基准；
(c) 与获评级实体有某种形式关系的代表不应涉及或以任何方式影响该特定评
级对象的评级（例子包括：拥有相关财务投资或与现时为获评级实体工作的
人士有近亲关系（即配偶、伴侣、父母、子女或兄弟姊妹）或任何其他关系）；
(d) 直接参与评级过程的代表不应：
(i) 与其负责评级的任何实体就收费或付款事宜展开讨论,或参与有关讨
论；或
(ii) 买卖由该代表的主要分析责任范围内的任何实体发出、保证或以其他方
式支持的任何证券或其衍生工具,但持有集体投资计划则不在此限（此
限制亦适用于其配偶、伴侣、未成年子女或由该代表控制而该代表拥有
实益权益的任何帐户）；及
(e) 信贷评级机构的代表及雇员不得向任何与该信贷评级机构进行业务的人士
索取金钱、馈赠或优待,及不得收受以现金形式提供的馈赠或任何超逾最低
金钱价值的馈赠。

英文解析：
I incorrect, when determining a representatives compensation, it should not be based on the revenue the agency receives from the rated entities the representative is responsible for or frequently contacts. Tying bonuses to a client fee pool violates this provision.

II correct, a representative directly involved in the rating process must not trade securities or their derivatives issued, guaranteed, or otherwise supported by any entity within their primary analytical responsibility (except holdings via collective investment schemes).

III incorrect, a representatives reporting line should avoid potential conflicts of interest. If the Business Directors pay is linked to department revenue, it may create pressure to influence analysts ratings for commercial reasons.

IV correct, representatives and employees must not accept gifts provided in cash or any gift exceeding a minimal monetary value. The firm can set a low threshold (e.g., HKD 500) as the “minimal monetary value” and allow acceptance of non-cash gifts below this value.


第84题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为仲裁是由中立的第三方作出决定，各方必须接受该决定为具约束力。

II正确，因为香港国际仲裁中心的目的就是提供本地仲裁和国际仲裁服务。

III错误，因为仲裁通常被认为具有“非公开”的优点，程序一般不公开进行。

IV正确，因为根据《证券及期货条例》，杠杆式外汇交易的争议均可提交仲裁。
课文原文（题目对应的知识点）：
商业争议可通过仲裁解决。仲裁指一种解决争议的程序，由一名或多名中立的
第三方作出决定，而涉及争议的各方必须接受该决定为具约束力的决定。
香港国际仲裁中心成立的目的是提供本地仲裁（争议双方均位于香港）及国际仲裁（争议双方中的一方位于境外）。《仲裁条例》为仲裁提供法定架构。一般认为，仲裁具有快速、价格合理、非正式及非公开等优点。根据《证券及期货条例》，杠杆式外汇交易的争议均可提交仲裁。
英文解析：
I correct, because arbitration involves a decision made by a neutral third party, and the parties must accept the decision as binding.

II correct, because the purpose of HKIAC is to provide both domestic and international arbitration services.

III incorrect, because arbitration is generally considered to have the advantage of being "non-public," and proceedings are typically not conducted openly.

IV correct, because under the Securities and Futures Ordinance, disputes related to leveraged foreign exchange trading can be submitted to arbitration.

第85题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为财政司司长认为有必要确定在财政上拥有或控制公司人士的真正身份时，可自行决定委任审查员。

II错误，因为申请需由“不少于指明数目的上市法团成员”提出，单一股东（即使持股5%）的申请不符合人数要求。

III正确，因为由符合法定人数的成员提出申请，且提供了显示潜在问题的合理理由（资产转移至关联实体），财政司司长在确信有合理理由后可委任审查员。

IV错误，因为调查拥有权或控制权的权力，其目的是厘清所有权身份，而非评估管理层的经营能力。
课文原文（题目对应的知识点）：
如财政司司长认为有必要确定在财政上拥有或能够控制某上市法团的人士的真正身份，则财政司司长可委任审查员调查该上市法团的拥有权或控制权。如申请由不少于指明数目的上市法团成员提出，而财政司司长又确信有合理理由委
任审查员，则财政司司长可委任审查员。
英文解析：
I correct, because the Financial Secretary may appoint an inspector on his own initiative if he considers it necessary to ascertain the true identity of the person(s) who financially own or control the company.

II incorrect, because the application must be made by “not less than the specified number of members of the listed corporation.” An application by a single shareholder (even holding 5%) does not meet the numerosity requirement.

III correct, because an application by the statutory number of members, accompanied by evidence providing reasonable grounds (asset transfer to a related entity), allows the Financial Secretary to appoint an inspector if satisfied that there are good reasons to do so.

IV incorrect, because the power to investigate ownership or control aims to clarify the identity of owners, not to assess the operational competence of management.

第 86题答案：
C
大屿老师（大屿surepass）解析：
I正确，进行证券交易需第1类牌照，进行期货合约交易需第2类牌照。公司业务涉及两者，因此需确保持有相应牌照。

II正确，参与者每年需向香港交易所提交合规评核表格。

III正确，香港交易所利用该表格、过往合规纪录和重点范畴的交易活动对参与者进行风险评估。

IV错误，风险评估结果可能影响检查频率或重点，但不会导致自动豁免所有现场视察。监管检查是持续进行的。
课文原文（题目对应的知识点）：
就监管而言，各参与者必须确保其本身：
(a) 获证监会发牌从事第 1 类或第 2 类受规管活动，牌照类别则视乎该参与者是进行证券交易还是期货合约交易而定；
(b) 于联交所及／或期交所注册而持有所需的交易活动参与者资格，以便可于
相关交易所进行买卖；及／或
(c) 如欲就交易进行结算，则须成为相关结算所的参与者。
参与者每年需向香港交易所提交合规评核表格，以确认其遵守参与者活动所适用的相关规则及规例。香港交易所其后利用该表格连同过往的合规纪录和在重点范畴的整体交易活动对各参与者作出风险评估。视乎评估结果而定，参与者有可能需接受进一步调查或现场视察。在一般情况下，香港交易所会每年识别多项的重点范畴。例如，过往年度的重点范畴包括客户保证金规定、风险管理及沪港通及深港通计划参与者适用规则的合规情况。
英文解析：
I correct, dealing in securities requires a Type 1 license, and dealing in futures contracts requires a Type 2 license. As the firm engages in both, it must hold the corresponding licenses.

II correct, participants are required to submit an annual Compliance Assessment Form to HKEX.

III correct, HKEX utilizes this form, past compliance records, and trading activities in focus areas to conduct a risk assessment of the participant.

IV incorrect, assessment results may influence the frequency or focus of inspections, but do not lead to automatic exemption from all on-site inspections. Regulatory oversight is ongoing.

第 87题答案：
A
大屿老师（大屿surepass）解析：
I错误，并非所有深市A股都合资格。合资格证券主要包括符合条件的深证综合指数成份股和有H股同时上市的A股。

II正确，原文明确指出，深交所上市ETF的合资格规定与适用于上交所上市ETF的规定相似。

III错误，成为指数成份股是初始条件。若该成份股后续未能符合资格条件（如被实施风险警示），其北向买入资格可能被暂停。

IV正确，有H股同时在联交所上市，是深市A股获得北向交易资格的另一个明确类别。
课文原文（题目对应的知识点）：
于深交所以人民币交易的上市 A 股如属以下类别，则符合资格可透过深港通进
行北向交易：
(a) 于相关考察中符合所有资格准则的深证综合指数成份股；或
(b) 有 H 股同时在联交所上市。
附注：合资格 A 股如其后未能符合上述条件或被实施风险警示时，则可能被指
定为只供卖出的证券，在这种情况下，该 A 股将被暂停买入。
深交所上市交易所买卖基金必须符合多项条件，才合资格可进行买卖。这些规定与适用于上交所上市交易所买卖基金的规定相似。

英文解析：
I incorrect. Not all Shenzhen-listed A-shares are eligible. Eligible securities mainly include qualifying constituents of the Shenzhen Composite Index and A-shares that also have H-shares listed on HKEX.

II correct. The original text explicitly states that the eligibility rules for SZSE-listed ETFs are similar to those applicable to SSE-listed ETFs.

III incorrect. Being an index constituent is an initial condition. If the constituent subsequently fails to meet eligibility criteria (e.g., being placed under risk warning), its Northbound purchase eligibility may be suspended.

IV correct. Having an H-share simultaneously listed on the HKEX is another explicit category for Shenzhen-listed A-shares to gain Northbound trading eligibility.

第 88题答案：
A
大屿老师（大屿surepass）解析：
I正确，提供北向保证金交易的机构资格有明确限制，必须是CCEP或已登记的特定参与者。

II错误，对于ETF，暂停交易的阈值是相关余额达到其上市流通市值的75%，而非70%。

III错误，股票的保证金交易在融资监控指标跌至20%时才可恢复，指标回落至21%尚未达到该恢复条件。

IV错误，题干明确指出相关限制“主要适用于北向交易通而不适用于南向交易通”，两者的规则并不相同。
课文原文（题目对应的知识点）：
若干限制特定适用于北向交易通而不适用于南向交易通，主要由于上交所／深交所的交易常规不同或须符合内地适用法律。
保证金买卖只获准由 CCEP 及已向联交所登记可透过 CCEP 为其客户进行北向交易的交易所参与者提供。该买卖可于以下股份／交易所买卖基金进行：
(a) 由上交所／深交所指明为合资格可进行保证金买卖的股份。然而，上交所／

深交所将于相关股票的“融资监控指标”达到 25%时暂停再进行保证金交易。
当“融资监控指标”跌至 20%则可恢复保证金交易；及
(b) 由上交所／深交所指明为合资格可进行保证金买卖的交易所买卖基金。然
而，上交所／深交所可于融资融券余额及保证金帐户内抵押品市值达到交易所买卖基金上市流通市值的 75%时暂停再进行保证金交易。当其中任何一项跌至 70%以下时，上交所╱深交所才会恢复保证金交易。
英文解析：
I correct. There are specific restrictions on the institutional qualification to provide Northbound margin trading; it must be a CCEP or a specifically registered participant.

II incorrect. For ETFs, the threshold for suspending trading is when the relevant balances reach 75% of its listed circulating market value, not 70%.

III incorrect. This is because margin trading of stocks may only be resumed when the financing monitoring indicator drops to 20%, and a fall of the indicator to 21% has not yet met this resumption criterion.

IV incorrect. The question stem clearly states that the relevant restrictions “mainly apply to the Northbound Trading Link and not to the Southbound Trading Link,” indicating the rules are not the same.

第 89题答案：
D
大屿老师（大屿surepass）解析：
I错误，允许在缺乏充分分析和书面记录的情况下先行确定评级，违反了评级应基于透彻分析和全部已知相关信息的根本原则，且缺乏严谨的程序控制。

II正确，信贷评级机构必须采用严谨、系统化的评级方法，并应公布该方法。

III正确，机构应具备书面程序，以确保其评级基于其本身所知与其分析有关的全部资料。

IV正确，如有可能，得出的评级应根据过往经验（包括回溯测试）作出某种形式的客观核实。
课文原文（题目对应的知识点）：
在决定是否对某评级对象作出评级或继续作出评级时,信贷评级机构必须确保其有能力及具备充足的资源,对该评级对象进行优质的信贷评核。此须考虑其人员的经验及技能、可用作进行评级的资源,以及其是否能取得具备充分质素的资料。
信贷评级机构应具备书面程序,以确保其发出的评级均基于其本身所知与其分析有关的全部资料,并根据其本身已公布的评级方法作出透彻分析。信贷评级机构应采用严谨、系统化的评级方法,及如有可能,得出的评级可根据过往经验（包括回溯测试）作出某种形式的客观核实。

英文解析：
I incorrect, allowing a rating to be determined first without thorough analysis and written documentation violates the fundamental principle that ratings must be based on thorough analysis and all known relevant information, and lacks rigorous procedural control.

II correct, a credit rating agency must adopt a rigorous and systematic rating methodology and should publish it.

III correct, the agency should have written procedures to ensure its ratings are based on all information known to it that is relevant to its analysis.

IV correct, where possible, ratings issued should be subject to some form of objective verification based on past experience, including back-testing.

第 90题答案：
C
大屿老师（大屿surepass）解析：
I错误，法团成立文书的更改通常需股东批准，但存在极少数例外（如纠正明显错误）。修订一可能属于此类例外。

II正确，就纠正某项明显的错误所作的更改，属于可豁免事先股东批准的例外情况之一。

III正确，对于可能影响股东权利的建议更改，必须按照相关文件向股东发出合理的事先通知。增加业绩报酬条款直接影响股东利益，因此适用此要求。

IV错误，相关要求聚焦于公司内部的治理程序（股东批准、通知等），并未规定所有修订都必须事先获得证监会的批准。
课文原文（题目对应的知识点）：
私人开放式基金型公司的建构旨在作为投资工具,故此不应犹如企业实体般经营一般商业或贸易。
一般而言,开放式基金型公司的法团成立文书仅可经获股东批准后方可更改,惟
极少数情况则属例外,例如,就纠正某项明显的错误来说,作出更改是有需要的。倘建议更改可能影响股东权利,则必须按照开放式基金型公司的要约文件及／或法团成立文书就该更改向股东发出合理的事先通知。
附注：计划更改在何种情况下及须经过哪些程序方能生效应在要约文件内清晰
载列。
英文解析：
I incorrect, changes to constitutive documents generally require shareholder approval, but there are rare exceptions (e.g., correcting an obvious error). Amendment 1 may fall under such an exception.

II correct, making a change to correct an obvious error is cited as one of the exceptional circumstances that may not require prior shareholder approval.

III correct, for a proposed change that may affect shareholders rights, reasonable advance notice must be given to shareholders in accordance with the OFCs offering documents and/or constitutive documents. Adding a performance fee clause directly impacts shareholder interests, so this requirement applies.

IV incorrect, the requirements focus on internal governance procedures (shareholder approval, notice, etc.). There is no rule stating that all amendments require prior SFC approval.

第 91 题答案：
A
大屿老师（大屿surepass）解析：
I. 无须。会计师完全因其专业审计身份而附带提供的、与审计工作相关的证券价值意见，通常可被豁除。

II. 无须。财经评论员向公众提供投资意见或分析（无论是否收费），通常可被豁除。

III. 无须。法团向其全资附属公司提供证券意见，明确在豁除范围之内。

IV. 需要持牌（或不豁除）。虽然持有证券交易牌照，但其研究部向客户群发带有明确“增持”评级的分析报告，其行为性质是系统性地“发出分析或报告，目的是为利便受众作出投资决定”。这属于第4类受规管活动的核心范畴。即使声明“不构成具体投资建议”，此类报告的实际目的和效果仍是影响投资决策，因此通常不被视为“完全因为进行证券交易活动而附带”的意见，需要相应牌照。
课文原文（题目对应的知识点）：
无须获发牌即可就证券及期货合约提供意见的人士一般包括：
(a) 律师、大律师、会计师、信托公司及获发牌从事资产管理的人士完全因其专业身份附带提供上述意见；
(b) 财经记者及广播业者向公众提供投资意见或发出投资分析或报告（不论是否须付费）；
(c) 法团纯粹向其全资附属公司、持有其所有已发行股份的控股公司，或该控股公司的其他全资附属公司提供上述意见或发出上述分析或报告；
(d) 获发牌进行证券交易的人士完全因为进行该类交易活动而附带提供上述意见；及
(e) 获发牌进行期货合约交易的人士完全因为进行该类交易活动而附带提供上述意见。
英文解析：
I. Not required. Opinions on securities value provided by an accountant, which are incidental to their professional auditing role, are typically exempt.

II. Not required. Investment opinions or analyses provided to the public by financial commentators (whether paid or not) are typically exempt.

III. Not required. Providing securities advice by a corporation to its wholly-owned subsidiary is explicitly within the scope of exemption.

IV. License required (not exempt). Although holding a securities dealing license, the research departments act of distributing a report with a clear "overweight" rating to clients constitutes the systematic activity of "issuing analysis or reports with the purpose of facilitating the audiences investment decisions." This falls within the core scope of Type 4 regulated activity. Even with a disclaimer that it "does not constitute specific investment advice," the practical purpose and effect of such a report are to influence investment decisions. Therefore, it is typically not considered an opinion provided "wholly incidentally to carrying on that dealing activity" and requires the corresponding license.

第 92题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为向香港公众发售的CIS必须是在联交所上市的公司或获得证监会认可。

II正确，因为证监会可在其认为适当的条件下授出、拒绝或撤回对CIS的认可。

III正确，因为获认可的CIS必须有一名经证监会核准的个人作为联络人，负责接收通知和决定。

IV错误，因为不向公众销售的CIS，其管理人仍可能受证监会发牌或注册制度规管，并非完全不受监管。
课文原文（题目对应的知识点）：
集体投资计划只可于以下两种情况下向香港的公众人士发售或作市场推广︰其必须(i)建构为一间于联交所上市的公司，或(ii)获证监会认可。获授予认可是目前最普遍采用的途径。
证监会在这方面的权力来自《证券及期货条例》，规管在香港作出的投资要约（及广告）。
《证券及期货条例》阐明：证监会如认为适当，可应任何人向该会提出的申请而认可集体投资计划。此认可受制于两项重要条件。
其一，证监会可在“该会认为适当的任何其他条件”的规限下授出认可。证监会亦有权拒绝认可申请，以及于授出认可后撤回该认可。

其二，《证券及期货条例》规定，必须有一名个人获证监会核准可就认可集体投资计划收取证监会发出的通知及决定的核准人士，并须向证监会提供该人士的联络办法详情。证监会有权核准联络人，或撤回授予的核准。
证监会对认可集体投资计划的特定规定载于《单位信托守则》。
根据《证券及期货条例，结构属开放式基金型公司的集体投资计划及向公众发售的开放式基金型公司（“公众开放式基金型公司”）将需根据《证券及期货条例》获得认可。开放式基金型公司须遵守《证券及期货条例》的特定规定及《开放式基金型公司守则》的规定。
另应注意其他并无向公众销售的集体投资计划仍可由证监会透过发牌或注册制度所规管，即资产管理人须获证监会发牌或在证监会注册。
英文解析：
I correct, because a CIS offered to the Hong Kong public must be a company listed on the Exchange or authorized by the SFC.

II correct, because the SFC may grant, refuse, or withdraw authorization under any conditions it deems appropriate.

III correct, because an authorized CIS must have an individual approved by the SFC as a contact person to receive SFC notifications and decisions.

IV incorrect, because CIS not offered to the public may still be regulated through the SFCs licensing or registration regime applicable to their managers, and are not entirely exempt.

第 93题答案：
A
大屿老师（大屿surepass）解析：
I正确，基金经理有责任在委任前确保代管人具备适当资格。

II错误，对托管安排及相关风险的披露应是主动、清晰的，不能仅在年度报告中以“其他事项”形式简要提及。

III正确，基金经理应向投资者披露托管安排及其重大风险，以及该安排的任何重大变更。

IV错误，基金经理在委任代管人后，仍有持续责任监督代管人遵守托管协议条款的情况。
课文原文（题目对应的知识点）：
为妥善保障基金资产而设的规定与其他守则及附属法例相若。如基金经理负责托管安排,且其牌照容许其处理基金资产,基金经理可负责保管存放在独立信托帐户内的资产,或委任具备适当资格的代管人（例如：注册信托公司、认可财务机构、受到严格监管的海外银行、获发牌或注册进行第 13 类受规管活动的存管人或任何其他合资格机构）。
应就基金资产的托管安排及该等安排所涉及的任何重大风险向基金投资者披露。亦应就托管安排的任何重大变动作出披露。
基金经理有责任确保代管人具备适当资格,包括其设立适当分隔安排的能力,以
及其在法律及监管方面的状况、财务资源、管理利益冲突的能力及组织安排能
力。对任何副代管人也有类似的要求。
委任代管人应订立正式的托管协议书,订明代管人的职责及责任范围。基金经理应监督代管人遵守协议书条款的情况。
英文解析：
I correct, the fund manager has a responsibility to ensure the custodians appropriate qualifications before appointment.

II incorrect, disclosure of custody arrangements and associated risks should be proactive and clear, not merely a brief mention in an annual reports “Other Matters.”

III correct, the fund manager should disclose custody arrangements and their material risks to investors, as well as any material changes to those arrangements.

IV incorrect, after appointing a custodian, the fund manager retains an ongoing duty to supervise the custodians compliance with the custody agreement terms.

第 94 题答案：
B
大屿老师（大屿surepass）解析：
I正确，企业融资顾问须确保其从事第6类受规管活动的董事及代表均适当地获发牌或获注册。
II错误，合规职能应独立于其他业务部门。合规负责人兼任运营主管并汇报给首席运营官，损害了其独立性。
III正确，维持有效的合规职能，聘有专责合规主任，且该职能独立并直接向高级管理层汇报，符合要求。
IV 错误，因为根据《企业融资顾问操守准则》，合规职能必须独立，由首席执行官兼任合规主任，造成了根本性的角色与利益冲突，使监督机制失效。
课文原文（题目对应的知识点）：
企业融资顾问须确保其从事第 6 类受规管活动的董事及代表均适当地获发牌或 获注册,并确保其业务在财务及运作监控、风险管理及具备足够人力及技术资源 等方面的事宜均已妥善地组织、管理及监督,以履行其作为企业融资顾问的工 作。
企业融资顾问须维持有效的合规职能,聘有专责合规主任掌管有关工作。该职能 应独立于其他业务部门,并直接向高级管理层汇报。如有必要,此职能可由高级 管理层负责执行。
英文解析：
I correct, a corporate finance adviser must ensure its directors and representatives engaged in Type 6 regulated activities are properly licensed or registered.
II incorrect, the compliance function should be independent of other business departments. The compliance head concurrently serves as the operation head. and reporting to the COO compromises independence.
III correct, maintaining an effective compliance function with a dedicated Compliance Officer, independent and reporting directly to senior management, meets the requirement.
IV incorrect, because in accordance with the Code of Conduct for Corporate Finance Advisers, the compliance function must be independent. Having the chief executive officer concurrently serve as the compliance officer creates a fundamental role and conflict of interest, rendering the supervision mechanism ineffective.

第 95 题答案：
C
大屿老师（大屿surepass）解析：
I. 不正确。规定的存入时限是3个营业日内，而非4个营业日。

II. 正确。规则明确规定，账户必须在认可财务机构或为相关目的获证监会批准的任何其他人士处开立及维持。

III. 不正确。规则明确禁止将款项支付给持牌法团、其有联系实体或与其有控权实体关系的高级人员或雇员。向该持牌法团的雇员支付款项违反了此禁令。

IV. 正确。附注明确指出，由与持牌法团有控权实体关系的任何法团就进行第13类活动而在香港收取或持有的款项，亦须受规限。
课文原文（题目对应的知识点）：
《客户款项规则》亦订明获发牌从事第 13 类受规管活动（为相关集体投资计划提供存管服务）的法团及其有联系实体的责任。收取集体投资计划款项的第 13类持牌法团必须在收取有关款项的 3 个营业日内将款项存入就相关集体投资计划指定为信托帐户或客户帐户的帐户内。该帐户必须在认可财务机构或由就上述目的获证监会批准的任何其他人士处开立及维持。《客户款项规则》具体说明可根据集体投资计划的计划文件或按照书面指令从帐户提取款项的方式，但不得支付予持牌法团、其有联系实体或与其有控权实体关系的高级人员或雇员。
附注：由与持牌法团有控权实体关系的任何法团就进行有关第 13 类受规管活动而在香港收取或持有的款项亦须受《客户款项规则》所规限。
英文解析：
I Incorrect. The stipulated deposit timeframe is within 3 business days, not 4 business days.

II Correct. The rules explicitly state that the account must be opened and maintained with an authorized financial institution or any other person approved by the SFC for that purpose.

III  Incorrect. The rules explicitly prohibit payments to the licensed corporation, its associated entities, or any officers or employees having a controlling entity relationship with it. Paying an employee of the licensed corporation violates this prohibition.

IV Correct. The footnote explicitly states that money received or held in Hong Kong by any corporation having a controlling entity relationship with the licensed corporation for conducting the Type 13 activity is also subject to the rules.

第 96题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为以追逐短期热点而非账户长期投资目标为目的，执行远高于正常策略所需的交易频率，其本质是为经理自身业绩排名服务，可能损害客户长期利益并产生不必要成本，符合该行为的特征。

II错误，做市商为履行其提供市场流动性的法定义务而进行的交易，是其账户投资目标或功能的一部分。只要交易是为了满足合规的做市要求，而非单纯为创造佣金，则不构成此不当行为。

III错误，基于对证券基本面的重新评估（如重大风险）而进行的集中减持，是出于审慎投资管理的正当目的。只要交易规模与决策理由相匹配，即使短期内完成，也属于为实现客户最佳利益而采取的投资操作，并非不当的频繁交易。

IV正确，这种行为直接以“提高佣金收入”为动机，刻意制造大量与客户实际投资需求无关的交易，交易本身缺乏合理的投资逻辑支撑，明显将中介自身利益置于客户利益之上，是“过分频密交易”的典型表现。
课文原文（题目对应的知识点）：
过分频密的交易指基金经理或第1类或第2类中介人为所管理的基金或委托帐户执行大量买卖盘。特点主要是买卖盘过量，但不能反映基金或委托帐户的投资目标。这些过分频密的交易的（不当）目的，是为产生较高的佣金收入，此举明显不符合客户的最佳利益。
英文解析：
I correct. Trading at a frequency far beyond what is necessary for the accounts stated strategy, primarily to chase short-term trends for the managers own performance ranking, serves the managers interests at the potential expense of the client through unnecessary costs. This aligns with the characteristics of churning.

II incorrect. Trading conducted by a market maker to fulfill its legal obligation of providing market liquidity is part of the accounts intended function or objective. As long as the trading is for compliant market-making purposes and not solely to generate commissions, it does not constitute this misconduct.

III incorrect. Concentrated selling based on a reassessment of a securitys fundamentals (e.g., material risk) is a legitimate investment management action taken for prudent reasons. If the scale of trading corresponds to the rationale, it is an operation taken in the clients best interest, not improper frequent trading, even if executed over a short period.

IV correct. This conduct is directly motivated by “boosting commission income.” It deliberately creates a high volume of trades unrelated to the clients genuine investment needs, lacking a reasonable investment rationale. It clearly prioritizes the intermediarys interest over the clients, which is a classic manifestation of churning.

第 97题答案：
A
大屿老师（大屿surepass）解析：
I错误，因为香港金融管理局属于被特别排除在“受涵盖实体”定义之外的官方实体，因此与该类对手方的交易不适用保证金规定。

II正确，因为该国际对冲基金及其集团的非中央结算场外衍生工具名义总额超过门槛，属于“受涵盖实体”，因此与之进行的相关交易需遵守保证金规定。

III正确，因为对手方是持牌法团（本地证券公司），持牌人之间进行的非中央结算场外衍生工具交易，如果对手方符合“受涵盖实体”的定义（通常持牌法团会超过门槛），则需遵守保证金规定。且注册机构在持牌人进行责任评估时仍可能被视为金融对手方。

IV错误，因为以实物交割为标准的商品远期合约属于规定的例外情况之一，因此不适用保证金规定。
课文原文（题目对应的知识点）：
《操守准则》下的开仓保证金及变动保证金规定适用于作为订约方与“受涵盖实
体”进行相关非中央结算场外衍生工具交易的任何持牌人,并设有最低门槛。该等规定并不适用于注册机构（受金管局规管）。

附注：虽然于持牌人厘定其本身有关开仓保证金及变动保证金的责任时,注册机
构仍可能被视为一名金融对手方。
“受涵盖实体”包括金融及非金融对手方（连同其集团公司）拥有的非中央结算场外衍生工具的平均总计名义数额超过相关门槛。
附注：若干人士被特别地不包括在受涵盖实体的定义内,例如：官方实体、公营单位、金管局指明的多边发展银行,及国际结算银行。
除有限的例外情况外,开仓保证金及变动保证金的规定一般适用于所有非中央结算场外衍生工具交易。
附注：该等例外情况包括当与中央结算场外衍生工具交易有关的保证金已被收取、若干实物交收外汇交易、若干商品远期交易、在《证券及期货条例》下的附
属法例所特别豁除的若干货币合约,及（在 2026 年 1 月 3 日或之前）若干期权交易。

英文解析：
I incorrect, because the Hong Kong Monetary Authority is an official entity specifically excluded from the definition of a "covered entity." Therefore, transactions with such counterparties are not subject to the margin rules.

II correct, because the international hedge fund and its group exceed the notional amount threshold for non-centrally cleared OTC derivatives, making it a "covered entity." Therefore, relevant transactions with it are subject to margin rules.

III correct, because the counterparty is a licensed corporation (the local securities firm). Non-centrally cleared OTC derivative transactions between licensed persons are subject to margin rules if the counterparty qualifies as a "covered entity" (licensed corporations typically would exceed the threshold). Also, a registered institution may still be considered a financial counterparty when a licensed person determines its own obligations.

IV incorrect, because physically-settled commodity forward contracts fall under one of the specified exceptions to the margin rules.

第 98 题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为此行为意图通过非真实的申报（无意成交）来制造价格方面的虚假或具误导性表象（扭曲收盘价），符合“意图制造虚假价格表象”的要素。

II正确，因为对认可市场交易的金融工具，在香港以外地方（伦敦）进行对倒交易，以制造在香港市场的流动性假象，符合虚假交易关于“在香港或其他地方进行”的规定。

III错误，因为投资者基于真实投资观点在境外市场（东京）的连续买入，属于真实的投资行为，即使推高了价格，也缺乏“意图或罔顾后果地制造虚假表象”的主观要件。

IV错误，因为做市商按照规则履行双边报价义务是其正常职能，旨在提供流动性而非制造虚假表象。其报价是真实的、可执行的，不属于“非真实的交易”或“制造虚假表象”。
课文原文（题目对应的知识点）：
就证券及期货合约发生的虚假交易有以下各项：
(a) 任何人意图或罔顾后果地制造交投活跃的虚假或具误导性的表象，或市场或价格方面的虚假或具误导性的表象；或
(b) 任何人意图或罔顾后果地直接或间接参与制造非真实的价格或维持非真实的价格水平的交易。
如在下列地方进行所述交易，即可能干犯虚假交易的市场失当行为：
(a) 在香港或其他地方进行（就在认可证券市场或透过自动化交易服务买卖的金融工具而言）；或
(b) 在香港进行（就在境外市场买卖的金融工具而言）。
英文解析：
I correct, because this act intends to create a false or misleading appearance regarding the price (distorting the closing price) through non-genuine orders (with no intent to trade), meeting the element of “intending to create a false price appearance.”

II correct, because for a financial instrument traded on a recognized market, conducting wash trades outside Hong Kong (London) to create a false appearance in the Hong Kong market falls within the scope of false trading that may occur “in or outside Hong Kong.”

III incorrect, because an investors continuous buying in an overseas market (Tokyo) based on a genuine investment view is a real investment act. Even if it pushes up the price, it lacks the subjective element of “intending or recklessly creating a false appearance.”

IV incorrect, because a market maker posting bilateral quotes in accordance with its rules is part of its normal function to provide liquidity, not to create a false appearance. Its quotes are genuine and executable, not “non-genuine trades” or “creating a false appearance.”

第 99 题答案：
A
大屿老师（大屿surepass）解析：
I错误，主动建立渠道促进机密或价格敏感信息在不同业务间流传，直接违反了建立有效职能分隔制度以防止信息流传的核心要求。

II正确，建立有效的职能分隔制度应包括办公室的物理间隔安排，将不同业务活动及人员分隔开来。

III正确，必须制订有关馈赠及利益的书面政策和程序，且在接受前应作适当披露。

IV错误，保荐人必须就发行人是否适合上市提供不偏不倚的意见。将集团自身商业利益作为考虑因素，损害了意见的独立性和公正性。
课文原文（题目对应的知识点）：
企业融资顾问应采取一切合理程序防止利益冲突的情况出现及避免不公平地将本身利益凌驾于客户利益之上；在客户掌握资料后给予同意亦不能解决有关冲突的情况下,退出或拒绝接受任何与客户利益有重大利益冲突的委任。
企业融资顾问以独立财务顾问的身份行事时,须按适当情况根据三大守则处理冲突。
如企业融资顾问所属的集团同时从事其他活动,则该顾问应确保该集团设定有效的职能分隔制度,以避免机密或价格敏感的资料在企业融资活动与其他业务活动之间流传。这个制度应包括办公室的间隔安排,从而将不同的业务活动及受

聘进行有关业务活动的职员分隔开来。
保荐人
企业融资顾问如担任保荐人,应符合《上市规则》内所有适用于保荐人的规定,
并确保其能够就某发行人是否适合上市,向其客户提供不偏不倚的意见。
馈赠及利益
企业融资顾问在未有事先作出适当披露前,不应提供或接受任何涉及客户业务
的诱因,并须制订有关馈赠的书面政策和程序。
英文解析：
I incorrect, actively creating channels to facilitate the flow of confidential or price-sensitive information between different businesses directly violates the core requirement to establish effective functional segregation to prevent such flow.

II correct, an effective functional segregation system should include physical office arrangements to separate different business activities and their personnel.

III correct, written policies and procedures regarding gifts and benefits must be established, and acceptance should only occur after appropriate disclosure.

IV incorrect, a sponsor must provide impartial advice on an issuers suitability for listing. Considering the groups own commercial interests compromises the independence and fairness of that advice.

第 100题答案：
D
大屿老师（大屿surepass）解析：
I正确，因为规定要求非金钱利益须明显对客户有利。

II正确，因为规定要求经纪佣金比率不得高于一般全面服务经纪的水平。

III正确，因为规定要求必须获得客户关于收取非金钱利益的书面同意。

IV错误，因为规定要求的是每年至少提供一次披露内容，而披露内容本身需包含详情。选项将“提供披露内容”与“披露具体详情”混同，表述不够精确。
课文原文（题目对应的知识点）：
行使投资酌情权代表客户行事的持牌人或注册人只可根据《操守准则》订明的规
定收取由经纪提供的金钱（回佣）或物品或服务（非金钱利益）,作为代表其客户将交易交由经纪执行的代价。证监会的规定所关注的重点是要减低因该等财务安排而出现冲突的风险,而该等冲突可引致持牌人或注册人不为客户提供适
当的服务。
有关收取非金钱利益的规定包括：
(a) 该等物品或服务须明显地对持牌人或注册人的客户有利,证监会已就此提
供一份其通常允许及其不允许的物品及服务的清单；
(b) 交易的执行须符合最佳执行条件；
(c) 经纪佣金比率并不高于一般提供全面服务的经纪所收取的佣金比率；
(d) 有关客户已用书面方式同意收取有关物品或服务的做法,有关同意可以在客户协议或其他投资管理协议上载列；及
(e) 持牌人或注册人收取非金钱利益的做法已向客户作出披露,而披露内容须
包括所收取的有关物品及服务的详情,并须最少每年一次向客户提供有关内容。
英文解析：
I correct, because rules require non-monetary benefits to be of clear benefit to clients.

II correct, because rules require the brokers commission rate not to be higher than that of a typical full-service broker.

III correct, because rules require written client consent for receiving non-monetary benefits.

IV incorrect, because rules require providing the disclosure to clients at least annually, and the disclosure itself must contain details. The option conflates "providing the disclosure" with "disclosing specific details" and is not precise.