【香港证券从业考试模拟练习题】第八期

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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 121 题 某国际大宗商品贸易公司利用香港期货市场进行风险管理。其交易员需要清晰理解不同产品的交收机制。以下关于具体合约到期处理的方案中，哪些是符合规则的？ I. 对于一份以现金交收的国债期货合约，交易员计划在到期时通过支付或收取现金差价来完成交收。 II. 对于一份以实物交收的黄金期货合约，交易员作为买方，计划在到期时支付合约全款，并准备接收实物金条。 III. 对于一份以实物交收的股票期货合约，交易员作为卖方，认为可以用等值的现金替代交付股票，因为这样更便捷。 IV. 对于一份以现金交收的汇率期货合约，交易员认为可以协商用另一种外币进行支付。 A. I,II B. II,III C. I,IV D. III,IV An international commodity trading company uses the Hong Kong futures market for risk management. Its traders need a clear understanding of the settlement mechanisms for different products. Which of the following plans for handling specific contracts at expiration are in compliance with the rules? I. For a cash-settled government bond futures contract, the trader plans to settle at expiration by paying or receiving the cash price difference. II. For a physically-delivered gold futures contract, the trader, as the buyer, plans to pay the full contract amount and prepare to receive physical gold bars upon expiration. III. For a physically-delivered stock futures contract, the trader, as the seller, believes that cash equivalent to the stock value can be used for delivery instead, as it is more convenient. IV. For a cash-settled currency futures contract, the trader believes that payment can be negotiated in another foreign currency. A. I,II B. II,III C. I,IV D. III,IV 第 122 题 在一次面向金融从业者的法律基础培训中，讲师用案例对比了民事与刑事案件的处理。关于香港的民事法律体系，讲师的以下哪些解释是正确的？ I. 民事法的核心功能是当个人或公司因他人行为受损时，为其提供索赔等补救措施，而非惩罚行为方。 II. 在民事诉讼中，原告必须向法庭证明其案情“无合理疑点”，这与刑事案件的举证责任标准相同。 III. 民事诉讼采用“基于可能性的权衡”作为举证标准，即证明某事为真的可能性大于不为真即可，标准低于刑事案件。 IV. 一个行为可能同时触发刑事与民事诉讼，例如危险驾驶导致伤害，可能面临刑事检控并由受害者另行提起民事索赔。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV During a basic legal training for financial practitioners, the instructor used case studies to compare the handling of civil and criminal matters. Regarding Hong Kongs civil legal system, which of the following explanations by the instructor are correct? I. The core function of civil law is to provide remedies such as compensation to individuals or companies harmed by another’s actions, not to punish the wrongdoer. II. In civil litigation, the plaintiff must prove their case “beyond a reasonable doubt” to the court, which is the same standard of proof as in criminal cases. III. Civil litigation employs the standard of proof “on the balance of probabilities,” meaning it is more likely than not that the claim is true, which is a lower standard than in criminal cases. IV. A single act may give rise to both criminal and civil proceedings; for example, dangerous driving causing injury may lead to criminal prosecution and a separate civil claim for damages by the victim. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 第 123 题 一家获证监会发牌进行第1类受规管活动（证券交易）的经纪行“鼎盛证券”，计划开始向其客户提供非证券型虚拟资产（如比特币）的交易服务。根据香港对持牌法团提供虚拟资产服务的监管要求，以下哪几项陈述是正确的？ I. 鼎盛证券可以自行建立并运营一个内部平台来为客户提供此类虚拟资产交易服务。 II. 鼎盛证券仅可透过已获证监会发牌的虚拟资产交易平台合作来提供此类服务。 III. 在提供此类服务时，鼎盛证券必须遵守包括合适性规定在内的所有相关监管规定。 IV. 若鼎盛证券计划开始提供此类服务，这属于一项重大业务变动，必须根据相关规则通知证监会。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV A licensed corporation, "Dingsheng Securities," which is licensed by the SFC for Type 1 regulated activity (dealing in securities), plans to start offering trading services for non-security virtual assets (such as Bitcoin) to its clients. According to Hong Kongs regulatory requirements for licensed corporations providing virtual asset services, which of the following statements are correct? I. Dingsheng Securities may establish and operate its own internal platform to provide such virtual asset trading services to clients. II. Dingsheng Securities may only provide such services by partnering with a virtual asset trading platform that is already licensed by the SFC. III. When providing such services, Dingsheng Securities must comply with all relevant regulatory requirements, including suitability requirements. IV. If Dingsheng Securities plans to start offering such services, this is considered a material change in its business and must be notified to the SFC under the relevant rules. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 第 124 题 “宏达证券”是一家香港持牌法团。财务部在编制用于满足监管要求的资产负债表时，遵循了特定的会计处理原则。根据《财政资源规则》的相关理念，以下哪些做法是符合其基本要求的？ I. 严格遵循香港普遍接纳的会计原则来编制资产负债表。 II. 对于一笔已签约但尚未完成资金交收的证券卖出交易，在交易达成当天即确认收入并计入资产。 III. 将一笔为公司购置新总部而获得的10年期银行贷款，因其属于长期项目而不计入速动资产的债务计算。 IV. 将一笔未在资产负债表内列示的对外担保所产生的潜在负债，在计算财政资源时主动计入，除非事先获得证监会豁免。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV “Hongda Securities” is a licensed corporation in Hong Kong. Its finance department follows specific accounting principles when preparing the balance sheet for regulatory compliance. According to the fundamental concepts of the Financial Resources Rules, which of the following practices are in line with its basic requirements? I. Preparing the balance sheet strictly in accordance with Generally Accepted Accounting Principles in Hong Kong. II. Recognizing revenue and including it as an asset on the trade date for a securities sale transaction that has been contracted but where the settlement of funds has not yet occurred. III.  Excluding a 10-year bank loan obtained for purchasing a new headquarters from the debt calculation for liquid assets, considering it a long-term item. IV. Proactively including a potential liability arising from an off-balance-sheet financial guarantee when calculating financial resources, unless prior exemption has been obtained from the SFC. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 第 125 题 “盈富金融”是一家持牌机构，其业务涉及不同客户类型。根据针对专业投资者的特别规定，分析在以下哪些业务情景中，“盈富金融”可以适用简化的监管要求或获得豁免？ I. 向一家已被认定的“机构专业投资者”（某海外中央银行）通过电邮发送非邀约性的结构性产品推介材料。 II. 安排销售代表直接前往一家“法团专业投资者”（某大型企业财务公司）的办公地点，进行新产品路演。 III. 在未获得个人客户明确邀请的情况下，向其“个人专业投资者”客户寄送投资研究报告。 IV. 在为“零售投资者”提供投资建议前，严格按照规定进行详细的合适性评估并记录。 A. I,II B. I,II,III C. I,III,IV D. II,III,IV "WinRich Finance" is a licensed firm dealing with different client types. According to the special rules for professional investors, in which of the following business scenarios can "WinRich Finance" apply simplified regulatory requirements or obtain exemptions? I. Sending unsolicited promotional materials for a structured product via email to an identified "Institutional Professional Investor" (an overseas central bank). II. Arranging for sales representatives to directly visit the office of a "Corporate Professional Investor" (a large corporate treasury company) for a new product roadshow. III. Mailing investment research reports to its "Individual Professional Investor" clients without their explicit prior invitation. IV. Conducting and documenting a detailed suitability assessment strictly according to the rules before providing investment advice to a "Retail Investor." A. I,II B. I,II,III C. I,III,IV D. II,III,IV 第 126 题 在一次关于香港金融监管历史的讲座中，主讲人分析了《证券及期货条例》出台的多重背景。以下哪些因素被认为是推动该条例制定的重要原因？ I. 在《证券及期货条例》实施前，香港的证券及期货监管受十项不同且分散的旧条例规管。 II. 金融产品与服务的扩展、新的市场参与者与交易方式的出现，以及全球竞争加剧，对旧有法律架构构成了改革压力。 III. 香港发展成为内地重要海外融资中心、亚太区地区金融中心及承接伦敦与纽约的国际金融中心，需要一个更现代化的监管制度与之匹配。 IV. 当时香港的监管制度已被全球公认为最完善和灵活，无需任何重大调整。 A. I,II,III B. I,III,IV C. II,III,IV D. I,II,IV During a lecture on the history of Hong Kongs financial regulation, the speaker analyzed the multiple factors behind the enactment of the Securities and Futures Ordinance. Which of the following factors are considered important reasons driving its enactment? I. Before the implementation of the SFO, Hong Kongs securities and futures regulation was governed by ten different and disparate old ordinances. II. The expansion of financial products and services, the emergence of new market participants and trading methods, and increased global competition created pressure to reform the old legal framework. III. Hong Kongs development as a key offshore financing center for mainland China, a regional financial center in the Asia-Pacific time zone, and an international financial center bridging London and New York necessitated a more modern regulatory regime. IV. At that time, Hong Kongs regulatory system was already globally recognized as the most perfect and flexible, requiring no significant adjustments. A. I,II,III B. I,III,IV C. II,III,IV D. I,II,IV 第 127 题 某持牌法团在海外设立了一家特殊目的公司（SPV），该SPV在香港设有营业地点，持牌法团控制其25%的投票权，且该SPV在香港接收并持有持牌法团的客户资金。关于这家SPV的监管义务，以下哪些陈述是正确的？ I. 该SPV属于中介人的“有联系实体”，因为其与持牌法团存在控权实体关系并在香港持有客户资产。 II. 该SPV须在成为有联系实体后的7个营业日内书面通知证监会。 III. 该SPV可以自由开展与持牌业务无关的其他业务，无需证监会批准。 IV. 如果该SPV持有的客户资产类别发生变化，须在变化发生后的7个营业日内通知证监会。 A. I,II,IV B. I,III,IV C. II,III,IV D. I,II,III A licensed corporation established a special purpose vehicle (SPV) overseas. The SPV has a place of business in Hong Kong, the licensed corporation controls 25% of its voting rights, and the SPV receives and holds client funds of the licensed corporation in Hong Kong. Regarding the regulatory obligations of this SPV, which of the following statements are correct? I. The SPV is a "connected entity" of the intermediary because it has a controlling entity relationship with the licensed corporation and holds client assets in Hong Kong. II. The SPV must notify the SFC in writing within 7 business days after becoming a connected entity. III. The SPV may freely conduct other businesses unrelated to the licensed activities without SFC approval. IV. If there is any change in the type of client assets held by the SPV, it must notify the SFC within 7 business days after the change occurs. A. I,II,IV B. I,III,IV C. II,III,IV D. I,II,III 第 128 题 “宏略资本”是一家金融顾问公司，希望明确其业务中哪些需要申请第6类（就机构融资提供意见）牌照。根据相关定义，以下哪些服务内容最可能构成“就机构融资提供意见”？ I. 为一家拟在香港主板上市的公司，就其招股章程的合规性及上市时间表提供专业咨询。 II. 为一家私募股权基金，就其计划收购的一家非上市公司的股权结构设计提供建议。 III. 受一家上市公司的独立董事委员会委托，就一项关联交易是否公平合理，以及是否符合《上市规则》向该委员会提供独立意见。 IV. 为一位高净值个人客户，就其个人证券投资组合的资产配置和个股选择提供建议。 A. I,II B. I,III C. II,IV D. III,IV "Grand Strategy Capital" is a financial advisory firm seeking to clarify which of its services require a Type 6 (advising on corporate finance) license. According to the relevant definition, which of the following service contents would most likely constitute "advising on corporate finance"? I. Providing professional consultation to a company planning to list on the Hong Kong Main Board regarding the compliance of its prospectus and the listing timeline. II. Advising a private equity fund on the equity structure design for its planned acquisition of a non-listed company. III.  Commissioned by the independent board committee of a listed company to provide an independent opinion on whether a connected transaction is fair and reasonable and complies with the Listing Rules. IV. Advising a high-net-worth individual client on the asset allocation and individual stock selection for their personal securities investment portfolio. A. I,II B. I,III C. II,IV D. III,IV 第 129 题 在一次关于全球证券监管网络的内部研讨会上，主讲人介绍了国际证监会组织（IOSCO）及其与香港证监会（SFC）的关联。以下关于IOSCO及SFC参与情况的陈述，哪些是正确的？ I. 国际证监会组织是一个全球性组织，旨在促进证券监管机构间的合作及推行高标准的监管制度。 II. 香港证监会是国际证监会组织的成员，并且是其理事会成员之一。 III. 国际证监会组织的主要职责是取代各国监管机构，直接对所有成员市场的交易活动进行实时监控。 IV. 香港证监会已签署国际证监会组织的多边谅解备忘录，以促进全球监管机构间的调查互助与资料共享。 A. I,II,IV B. I,III,IV C. II,III,IV D. I,II,III During an internal seminar on the global securities regulatory network, the speaker introduced the International Organization of Securities Commissions (IOSCO) and its connection with the Hong Kong SFC. Which of the following statements about IOSCO and the SFCs involvement are correct? I. IOSCO is a global organization aimed at promoting cooperation among securities regulators and implementing high regulatory standards. II. The Hong Kong SFC is a member of IOSCO and serves on its Board. III. The primary responsibility of IOSCO is to replace national regulators and directly monitor trading activities in all member markets in real-time. IV. The Hong Kong SFC has signed the IOSCO Multilateral Memorandum of Understanding to facilitate investigative assistance and information sharing among global regulators. A. I,II,IV B. I,III,IV C. II,III,IV D. I,II,III 第 130 题 “亚太保管银行”作为多家私人开放式基金型公司的保管人，正在审查其内部政策和操作流程。根据相关要求，以下哪些是“亚太保管银行”必须建立并遵守的？ I. 将其为所有客户保管资产的完整会计和交易纪录，永久保存于其总部服务器中。 II. 制定并实施一套全面的保管风险管理框架，旨在降低所保管基金财产损失的风险。 III. 将其所有与保管业务相关的纪录，存放在位于香港中环的办公室内，该地点已获证监会批准用于保存纪录。 IV. 在委任一家位于欧洲的次保管人后，在与该次保管人的协议中明确约定，次保管人将承担所有因资产损失而产生的法律责任。 A. I,II B. II,III C. I,III,IV D. II,III,IV “Asia-Pacific Custodian Bank”, acting as custodian for several private OFCs, is reviewing its internal policies and operational procedures. According to relevant requirements, which of the following must “Asia-Pacific Custodian Bank” establish and adhere to? I. Permanently retain complete accounting and transaction records for all assets held for clients on its headquarters servers. II. Develop and implement a comprehensive custodial risk management framework aimed at reducing the risk of loss to the fund property under its custody. III. Keep all its records related to custody business at its Central, Hong Kong office, a location approved by the SFC for record keeping. IV. After appointing a sub-custodian in Europe, stipulate in the agreement with that sub-custodian that it will assume all legal liability arising from any loss of assets. A. I,II B. II,III C. I,III,IV D. II,III,IV 第 131 题 王女士计划在“鼎盛资本”开设一个委托账户，授权其客户经理张先生（鼎盛资本的持牌雇员）进行全权投资管理。根据《操守准则》关于委托账户的规定，“鼎盛资本”在开设和操作此账户时，必须确保以下哪些事项？ I. 取得王女士签署的、明确授权张先生操作账户的书面文件。 II. 每年至少一次以书面形式与王女士确认该授权持续有效。 III. 在账户开立前，以书面形式向王女士披露张先生或其公司可能因执行为其账户的交易而获得的所有利益（包括佣金、回扣等）。 IV. 将该账户在公司内部系统中标记为“全权管理账户”，并确保其操作受到额外的合规监督。 A. II,III,IV B. I,II,IV C. I,III,IV D. I,II,III Ms. Wang plans to open a discretionary account with "Peak Capital," authorizing her account manager Mr. Zhang to conduct full discretionary investment management. According to the Code of Conduct, which must "Peak Capital" ensure? I. Obtain Ms. Wangs signed written authorization for Mr. Zhang to operate the account. II. Confirm the authorization with Ms. Wang in writing at least annually. III. Disclose in writing to Ms. Wang before account opening all benefits received from executing trades for her account. IV. Label the account as "Full Discretion Account" internally and ensure additional compliance supervision. A. II,III,IV B. I,II,IV C. I,III,IV D. I,II,III 第 132 题 “富盈证券”是一家持牌法团。在某个星期一，它收到了客户陈先生用于证券交易的一笔保证金。根据相关规则，以下哪些是“富盈证券”可以在星期二（下一个营业日）结束前采取的、符合规定的处理方式？ I. 将该笔款项存入公司在某认可财务机构开立并指定为客户帐户的独立账户中。 II. 等待陈先生后续的交易指令，暂时将该笔款项保留在公司的一般运营账户中，待使用时再划转。 III. 根据陈先生事先签署的有效常设授权书的条款，将该笔款项直接支付给指定的第三方。 IV. 依据陈先生在星期二上午发出的明确书面支付指示，将该笔款项转给其指定的收款人。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV “Fuying Securities” is a licensed corporation. On a Monday, it received a margin payment from client Mr. Chan for securities trading. According to the relevant rules, which of the following are COMPLIANT methods that “Fuying Securities” may adopt by the end of Tuesday (the next business day)? I. Depositing the funds into an independent account designated as a client account, opened by the company at an authorized financial institution. II. Holding the funds temporarily in the company’s general operating account while awaiting Mr. Chan’s subsequent trading instructions, and transferring them when needed. III.  Paying the funds directly to a designated third party according to the terms of a valid standing authorization previously signed by Mr. Chan. IV. Transferring the funds to a recipient specified by Mr. Chan based on his explicit written payment instruction issued on Tuesday morning. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 第 133 题 “汇通金融”是一家持牌法团。根据《成交单据规则》，关于其向客户提供成交单据的做法，以下哪些说法是正确的？ I. 对于客户在周一完成的一笔证券借贷交易，“汇通金融”最迟必须在周三营业结束前向客户发出成交单据。 II. 对于同一客户在同一天内完成的三笔期货合约交易，“汇通金融”可以选择将这三笔交易的详情合并制备在同一份成交单据中。 III. 若“汇通金融”以主事人身份与客户进行了一笔杠杆式外汇交易，必须在成交单据上明确注明其作为主事人的身份。 IV. 成交单据必须列载的内容包括客户的姓名、账户号码以及中介人经营业务所用的名称。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV “Huitong Finance” is a licensed corporation. According to the Contract Notes Rules, which of the following statements regarding its practice of providing contract notes to clients are CORRECT? I. For a securities lending transaction completed by a client on Monday, “Huitong Finance” must dispatch the contract note to the client no later than the close of business on Wednesday. II. For three futures contract transactions completed by the same client on the same day, “Huitong Finance” may choose to combine the details of these three trades into a single contract note. III.  If “Huitong Finance” acts as a principal in a leveraged foreign exchange transaction with a client, it must clearly state its capacity as principal on the contract note. IV. The contract note must contain the clients name, account number, and the name under which the intermediary carries on business. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 英文解析： I Correct. The rules require that an intermediary must dispatch the contract note no later than the end of the second business day after entering into the contract. If entered on Monday (Day 0), Tuesday is the first business day, and Wednesday is the second business day. II Correct. The rules permit contracts entered into for the same client on the same day to be included in the same contract note. III  Incorrect. The rules explicitly state that the requirement to state that the intermediary acted as principal does not apply to leveraged foreign exchange contracts. Therefore, for such contracts, whether the intermediary acted as principal or not, there is no need to specify this capacity on the note. IV Correct. These are the basic pieces of information that the rules mandate must be included in a contract note. 第 134 题 “未来资本集团”的董事会在近期会议上讨论多项重大计划。董事会主席请法律顾问确认，根据《公司条例》，以下哪些事项必须提交股东大会并由股东作出最终批准？ I. 为精简管理，董事会提议将公司英文名称从“Future Capital Group Limited”简化为“FCG Limited”。 II. 董事会拟发行一批新的优先股，并赋予该等股份在公司清盘时优先于现有普通股的清偿权。 III. 董事会提议通过一项重组计划，将公司的主要业务分拆至一家新成立的子公司。 IV. 考虑到当前市场利率较低，董事会计划提前赎回一批尚未到期的公司债券。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 对照版英文： At a recent meeting, the board of directors of "Future Capital Group" discussed several major proposals. The Chairman asked the legal counsel to confirm which of the following matters must be submitted to a general meeting for final approval by shareholders according to the Companies Ordinance. I. To streamline management, the board proposes to change the companys English name from "Future Capital Group Limited" to "FCG Limited". II. The board plans to issue a new series of preference shares with liquidation preference over the existing ordinary shares. III. The board proposes a restructuring plan to spin off the companys main business into a newly established subsidiary. IV. Given the current low market interest rates, the board plans to redeem a batch of corporate bonds before their maturity date. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 第 135 题 根据《场外衍生工具结算规则》，在何种情况下订明人士进行的交易可豁免强制性结算责任？请判断以下情景： I. 某持牌法团与其集团内已获批核的豁免联属公司进行了一笔美元利率掉期交易。 II. 某认可财务机构将其在海外分行订立的信用违约互换交易记录于该分行所在地的账簿，而该地区已被认定为合规的豁免司法管辖区。 III. 两家香港持牌法团为简化投资组合、降低对手方信用风险，通过第三方安排进行的多边投资组合压缩交易。 IV. 某持牌法团与一家非联属的海外投资银行在香港订立的隔夜指数掉期，该交易已通过欧盟认可的中央对手方完成结算 A. I,II,III B. I,III,IV C. II,III,IV D. I,II,III,IV 对照版英文： Under the OTC Derivatives Clearing Rules, in which circumstances may transactions conducted by prescribed persons be exempt from the mandatory clearing obligation? Please assess the following scenarios: I. A licensed corporation enters into a USD interest rate swap transaction with an approved exempt affiliate within its corporate group. II. An authorized financial institution records a credit default swap transaction executed by its overseas branch in the books of that branchs location, which has been recognized as a compliant exempt jurisdiction. III.  Two Hong Kong licensed corporations engage in a multilateral portfolio compression exercise arranged by a third party to simplify portfolios and reduce counterparty credit risk. IV. A licensed corporation enters into an overnight index swap in Hong Kong with a non-affiliated overseas investment bank, and the transaction has already been cleared through a central counterparty recognized in the European Union. A. I,II,III B. I,III,IV C. II,III,IV D. I,II,III,IV 第 136 题 在一次关于国际金融监管的行业会议上，专家重点介绍了财务行动特别组织（FATF）。对于身处国际金融中心的从业者而言，理解该组织的性质及其影响至关重要。以下哪些关于FATF的陈述符合普遍认知？ I. FATF是一个由包括香港在内的多个司法管辖区及区域组织组成的政府间机构。 II. FATF的核心职能是直接执法，在全球范围内追查和起诉涉嫌洗钱的具体个人。 III. 作为FATF的成员，香港有义务遵循并实施该组织制定的反洗钱国际标准。 IV. 金融从业者需要关注FATF的国际标准，因为这与他们在香港国际金融中心的日常工作紧密相连。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 对照版英文： At an industry conference on international financial regulation, experts focused on the Financial Action Task Force (FATF). For practitioners in an international financial centre, understanding this organization’s nature and impact is crucial. Which of the following statements about FATF align with common knowledge? I. FATF is an inter-governmental body comprising multiple jurisdictions, including Hong Kong, and regional organizations. II. FATF’s core function is direct law enforcement, investigating and prosecuting specific individuals for money laundering globally. III. As an FATF member, Hong Kong is obligated to follow and implement the AML international standards set by the organization. IV. Financial practitioners need to pay attention to FATF’s international standards as they are closely linked to their daily work in Hong Kong as an international financial centre. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 第 137 题 “安全链科技有限公司”是一家持牌虚拟资产服务提供者。董事会正审议其反洗钱制度框架提案。根据《打击洗钱指引》，以下哪些关于该制度及高级管理层责任的陈述是正确的？ I. 公司必须设立与其识别的风险相称的反洗钱制度，高级管理层有责任批准并确保其妥善实施。 II. 高级管理层必须确保在风险较低时简化制度，即使简化版本可能不完全符合法定最低要求。 III. 反洗钱制度必须包括合规管理安排、独立审核职能、雇员甄选程序及持续培训计划。 IV. 公司应委任具备充足资源的合资格员工担任合规主任，该主任须为高级管理层成员，全面负责反洗钱制度。 A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 对照版英文： “Secure Chain Technology Limited” is a licensed virtual asset service provider. The board is reviewing a proposal for its AML framework. According to the Anti-Money Laundering Guideline, which of the following statements regarding the system and senior management responsibilities are correct? I. The firm must establish a proportionate AML system, and senior management is responsible for approving and ensuring its proper implementation. II. Senior management must ensure the system is simplified when risks are lower, even if the simplified version may not fully meet statutory minimum requirements. III. The AML system must include compliance management arrangements, an independent audit function, staff screening procedures, and ongoing training programs. IV. The firm should appoint a qualified person with adequate resources as the Compliance Officer, who must be a member of senior management and bear overall responsibility for the AML system. A. I,II,III B. I,II,IV C. I,III,IV D. II,III,IV 第 138 题 “老鼠仓”交易是严重违背受托责任的行为。请判断以下哪些情景描述了典型的“老鼠仓”操作？ I. 交易员收到客户的大额买单后，立即用公司自营账户抢先买入同一股票，推高价格后再以较高价为客户执行。 II. 基金经理用私募产品账户先买入某股票建仓，随后再用其管理的公募基金账户大量买入该股票以拉升股价。 III. 客户经理执行客户买单后，待股价上涨，将部分股票以原较低执行价分配给自己的亲友账户，再以当前较高市价买入等量股票分配给客户以完成指令。 IV. 投资顾问建议客户买入某股票，并在客户买入后，立即卖出自己早已持有的该股票头寸。 A. I,II B. III C. II,IV D. III,IV 对照版英文： “Bucketing” (or “rat trading”) is a serious breach of fiduciary duty. Determine which of the following scenarios describe typical “bucketing” operations. I. Upon receiving a clients large buy order, a trader immediately uses the firms proprietary account to buy the same stock first, pushing up the price, and then executes the order for the client at the higher price. II. A fund manager first builds a position in a stock using a private fund account, then uses a public fund he manages to buy large amounts of the same stock to drive up the price. III. After executing a clients buy order, a client manager waits for the stock price to rise, allocates some shares to his friends account at the original lower execution price, and then buys an equivalent amount of shares at the current higher market price to allocate to the client to complete the order. IV. An investment adviser recommends a stock to a client and, after the client buys it, immediately sells his own pre-existing holdings of that stock. A. I,II B. III C. II,IV D. III,IV 第 139 题 在一次面向国际机构投资者的路演中，星辰证券的分析师李芳介绍了“沪深港通”机制下的监管框架。以下是她提到的几个观点，请你判断哪些是正确的。 I. 一家同时在香港和上海上市的公司，其首要的上市监管机构依然是香港交易所和香港证监会。 II. 如果香港证监会怀疑有投资者通过“北向交易通”操纵某只A股，它可以直接要求上海证券交易所暂停该股票的交易。 III. 为打击跨境市场失当行为，香港证监会与中国证监会可以通过既定的合作机制共享调查信息。 IV. 参与“沪深港通”的香港券商，其日常运营和行为操守的监管主体会因从事跨境业务而改变。 A. I,II,III B. III,IV C. II,IV D. III 对照版英文： During a roadshow for international institutional investors, Li Fang, an analyst at Starscape Securities, described the regulatory framework under the Stock Connect mechanism. Below are several points she mentioned. Please judge which are correct. I. For a company listed in both Hong Kong and Shanghai, its primary listing regulator remains the Hong Kong Exchange and the Hong Kong SFC. II. If the Hong Kong SFC suspects an investor of manipulating an A-share through the Northbound Trading Link, it can directly request the Shanghai Stock Exchange to suspend trading of that stock. III. To combat cross-border market misconduct, the Hong Kong SFC and the China Securities Regulatory Commission (CSRC) can share investigative information through established cooperation mechanisms. IV. The primary regulator overseeing the daily operations and conduct of a Hong Kong broker participating in Stock Connect will change due to its engagement in cross-border business. A. I,II,III B. III,IV C. II,IV D. III 第 140 题 根据香港相关条例，判断以下哪些个人或实体的行为，构成需要牌照的期货合约交易活动？ I. 一家资产管理公司（持有第9类牌照）为管理其客户的投资组合，通过持牌期货交易商买卖期货合约。 II. 一家银行的交易员，作为主事人，与一家专业保险公司就一份不在任何交易所交易的、定制化的利率期货合约进行交易。 III. 一位个人顾问，定期向其客户转发由持牌期货交易商发出的产品邀请，并因此从交易商处收取固定介绍费。 IV. 香港期货结算有限公司作为中央对手方，处理期货合约交易的清算与交收。 A. I,II B. III C. II,IV D. III,IV 对照版英文： According to the relevant ordinances in Hong Kong, determine which of the following actions by individuals or entities constitute dealing in futures contracts activities that require a license. I. An asset management company (holding a Type 9 license) buys and sells futures contracts through a licensed futures dealer to manage its clients investment portfolios. II. A banks trader, acting as a principal, trades a customized interest rate futures contract (not traded on any exchange) with a professional insurance company. III. An independent advisor regularly forwards product invitations from a licensed futures dealer to his clients and receives a fixed referral fee from the dealer for doing so. IV. Hong Kong Futures Clearing Corporation Limited, as a central counterparty, handles the clearing and settlement of futures contract trades. A. I,II B. III C. II,IV D. III,IV

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关键词：证券从业考试 从业考试 证券从业 模拟练习 练习题 证券从业考试 从业考试 证券从业 模拟练习 练习题

第121题答案：
A
大屿老师（大屿surepass）解析：
I符合。现金交收合约的交收方式正是支付现金（即差价）。

II符合。实物交收合约的交收方式为：买方支付现金，卖方交付相关金融工具（此处为黄金）。

III不符合。实物交收合约的交收方式明确规定为交付相关金融工具（股票）。不能用现金替代，除非合约细则有特殊规定。

IV不符合。现金交收合约须以支付现金（通常是合约指定的货币）的方式进行交收，不能随意协商变更为其他货币或资产。
课文原文（题目对应的知识点）：
期货合约的交收方法视乎每种产品的合约细则中所指定的机制而定。实质上，
交收方式只能为现金交收或以相关金融工具作实物交收。
因此：
(a) 现金交收合约须以支付现金的方式进行交收；及
(b) 实物交收合约的交收方式为合约卖方交付相关金融工具，合约买方支付现金。
英文解析：
I compliant. The settlement method for a cash-settled contract is indeed the payment of cash (i.e., the price difference).

II compliant. The settlement method for a physically-delivered contract is: the buyer pays cash, and the seller delivers the underlying financial instrument (gold in this case).

III non-compliant. The settlement method for a physically-delivered contract is explicitly the delivery of the underlying financial instrument (stocks). Cash cannot be substituted unless the contract specifications provide for such an exception.

IV non-compliant. Cash-settled contracts must be settled by paying cash (typically in the currency specified by the contract). The settlement method cannot be arbitrarily negotiated to another currency or asset.

第122题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为民事法的目的是为蒙受损害的个人或公司提供补救，并非旨在处罚违法者。

II错误，因为民事诉讼的举证标准是“基于可能性的权衡”，远低于刑事案件“无合理疑点”的严格标准。

III正确，因为民事案件只要原告能根据“基于可能性的权衡”证明其申索即可，该标准较为宽松。

IV正确，因为同一事件可能同时涉及刑事理由（如犯罪）和民事理由（如损害赔偿）。

因此选 C。
课文原文（题目对应的知识点）：
民事法旨在为因某一人的行为而蒙受损害的个人或公司提供补救。与刑事法不
同，民事法并非旨在处罚违法者。受害一方（原告）就损害赔偿、补偿、纠正或
其他补救（例如衡平法下的特别补救）对造成损害的人（被告）提出诉讼。只要原告能根据“基于可能性的权衡”证明其申索，便可作出法令或裁决。
这种举证标准远不如刑事案件中所要求的“无合理疑点”的程度那么严厉。民事案件以原告的名义在民事法庭向被告提出诉讼。
刑事理由与民事理由可能出现在同一案件中，例如，一宗交通意外可能涉及严
重伤害罪，同时因造成严重损伤而引致民事损害索偿。
英文解析：
I correct, because the aim of civil law is to provide remedies to persons or companies who have suffered harm, not to punish the offender.

II incorrect, because the standard of proof in civil cases is “on the balance of probabilities,” which is far less stringent than the criminal standard of “beyond a reasonable doubt.”

III correct, because in civil cases, the plaintiff need only prove their claim “on the balance of probabilities,” a relatively lower standard.

IV correct, because the same incident may involve both criminal grounds (e.g., an offence) and civil grounds (e.g., a claim for damages).

第123题答案：
D
大屿老师（大屿surepass）解析：
I错误，因为持牌法团仅可透过已获证监会发牌的虚拟资产交易平台合作来提供相关服务，不能自行运营未持牌的内部平台。

II正确，因为规则明确规定，持牌法团仅可透过已获证监会发牌的虚拟资产交易平台合作提供相关服务。

III正确，因为持牌法团在提供此类服务时，必须遵守证监会或金管局施加的所有监管规定，包括合适性规定。

IV正确，因为计划开始提供涉及虚拟资产的买卖服务被视为重大业务变动，会触发通知规定。
课文原文（题目对应的知识点）：
向或拟向客户提供虚拟资产服务的持牌法团及注册机构：
(a) 仅可透过已获证监会发牌的虚拟资产交易平台合作提供相关服务；
(b) 必须遵守证监会或金管局施加的所有监管规定（见下文附注），包括合适性规定及与第 1 类受规管活动有关的责任及其他适用销售限制－该等虚拟资产服务构成由中介人提供的交易服务的一部分，及仅可由获发牌或注册从事第 1 类（证券交易）受规管活动的中介人提供；及
附注：在考虑中介人是否进行受规管活动的适当人选时，该中介人的任何其他业务均为相关的考虑因素。
(c) 如欲计划开始提供涉及虚拟资产的买卖或资产管理服务务须注意，这将会被证监会视为一项重大业务变动，并将触发《证券及期货（发牌及注册）（资料）规则》的通知规定。
英文解析：
I incorrect, because licensed corporations may only provide such services by partnering with a virtual asset trading platform already licensed by the SFC; they cannot operate their own unlicensed internal platforms.

II correct, as the rules explicitly state that licensed corporations may only provide such services by partnering with a virtual asset trading platform licensed by the SFC.

III correct, because licensed corporations must comply with all regulatory requirements imposed by the SFC or the HKMA when providing such services, including suitability requirements.

IV correct, because planning to start offering services involving virtual asset trading is considered a material change in business and triggers notification requirements.

第124题答案：
B
大屿老师（大屿surepass）解析：
I. 符合。根据要求，财务资料须按照普遍接纳的会计原则编制。

II. 符合。此做法遵循了“个别项目必须于交易日期（而非交收日期）计算”的原则，反映了交易的实质经济发生时间。

III. 不符合。虽然《财政资源规则》在计算速动资产时可能豁免某些长期贷款（如股份及债务证券或其他长期贷款），但规则强调的是用于偿还债务的速动资产须充足。将所有长期贷款都不计入债务计算的理解是片面的，核心是评估速动资产对短期债务的覆盖，而非简单排除长期负债。

IV. 符合。这直接对应“未于资产负债表中呈列的负债一般须计算在内，除非证监会同意可豁除有关负债”的要求，体现了审慎原则。
课文原文（题目对应的知识点）：
《证券及期货（财政资源）规则》
《财政资源规则》的结构详尽复杂，考生无须了解全部详情。本章将概述一般证券监管机构（尤其是证监会）在草拟资本规则时应用的基本理念及方法。此外，本章还会探讨已纳入《财政资源规则》主体部分的申报及其他实际规定。
简单而言，持牌法团必须拥有充足的速动资产用作偿还债务（除股份及债务证券或其他长期贷款外，多属短期项目）。
资产负债表的资料可用于查核持牌法团的财政健全状况。就《财政资源规则》而言，监管机构要求根据下列特定基准编制或调整该等资料：
(a) 须按照普遍接纳的会计原则编制；
(b) 采用的基准必须能反映交易的实质情况；
(c) 个别项目必须于交易日期（而非交收日期）计算；及
(d) 未于资产负债表中呈列的负债一般须计算在内，除非证监会同意可豁除有关负债。
英文解析：
I In line. Financial information must be prepared in accordance with generally accepted accounting principles.

II In line. This practice follows the principle that “individual items must be calculated on the trade date (not the settlement date)”, reflecting the economic substance of the transaction when it occurs.

III  Not in line. While the Financial Resources Rules may exclude certain long-term loans (e.g., shares and debt securities or other long-term loans) from the calculation of liquid assets, the rule emphasizes the sufficiency of liquid assets to repay liabilities. The interpretation of excluding all long-term loans from debt calculation is one-sided. The core is to assess the coverage of short-term debt by liquid assets, not simply to exclude long-term liabilities.

IV In line. This directly corresponds to the requirement that “liabilities not shown in the balance sheet are generally to be included, unless the SFC agrees to exclude such liabilities,” reflecting the principle of prudence.

第125题答案：
B
大屿老师（大屿surepass）解析：
I正确，专业投资者不受《证券及期货条例》关于中介人提出要约的某些规定限制，通过电邮发送非邀约性材料通常被允许。

II正确，专业投资者不受“未获邀约的造访”条款限制，因此可直接前往其办公地点进行业务推广。

III正确，个人专业投资者同样享有豁免，可接收非邀约性的通讯材料。

IV错误，此情景描述的是对零售投资者的标准合规操作，不涉及针对专业投资者的豁免或简化规定，因此与题目所问无关。
课文原文（题目对应的知识点）：
所有类别的专业投资者不受下列《证券及期货条例》的条文所规限。
(a) 《证券及期货条例》有关未获邀约的造访的条文（即是可以擅自造访
他们）；及
(b) 《证券及期货条例》订明的关于中介人或代表提出的要约的规定。
附注：专业投资者的定义亦与若干发牌及产品认可有关。
英文解析：
I correct, professional investors are exempt from certain provisions of the SFO regarding offers made by intermediaries. Sending unsolicited materials via email is typically permitted.

II correct, professional investors are not subject to the "unsolicited calls" restriction, allowing direct visits for business promotion.

III correct, Individual Professional Investors also enjoy the exemption and can receive unsolicited communications.

IV incorrect, this scenario describes standard compliance operations for retail investors and does not involve exemptions or simplifications for professional investors, thus unrelated to the question asked.

第126题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为该条例出台前，监管确实由十项不同条例分散规管，这是改革的一个重要起点。

II正确，因为金融市场的快速发展和全球竞争是推动法律架构全面修订的关键压力来源。

III正确，因为香港金融市场地位的提升（作为内地融资中心、区域中心和国际中心）直接催生了对更有效、现代化监管制度的需求。

IV错误，因为当时的旧有法律制度被认为存在缺失，需要全面修订，而非已被公认为完美无需调整。
课文原文（题目对应的知识点）：
在实施《证券及期货条例》之前，香港的证券、期货合约及投资产品的监管架构
受 10 条不同的条例（当《证券及期货条例》推出时已被废除）所规管，而这些条例于过去数十年为满足不同的监管及法律需求而在不同时间引入。
其后，金融产品与服务不断扩展、新的市场参与者及交易方式，以及日趋激烈的
全球竞争，均为对当时法律架构作全面修订带来更大压力。
此外，香港作为资本市场已发展成为：
(a) 中国内地的重要海外融资中心；
(b) 亚太时区的地区金融中心；及
(c) 承接伦敦及纽约的国际金融中心。
基于上述理由，香港实在需要一个更为有效、现代化且灵活的监管制度。草拟
《证券及期货条例》旨在克服上述挑战，清除旧有法律制度的缺失。
英文解析：
I correct, because regulation was indeed fragmented under ten different ordinances before the SFO, which was a key starting point for reform.

II correct, because rapid financial market development and global competition were key pressures driving the comprehensive revision of the legal framework.

III correct, because the elevated status of Hong Kongs financial market directly created the need for a more efficient and modern regulatory regime.

IV incorrect, because the old legal system was considered to have deficiencies and required a comprehensive overhaul, not already perfect.

第127题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为SPV满足两个条件：持牌法团控制其不少于20%投票权，且其在香港持有持牌法团的客户资产。

II正确，因为有联系实体须在成为（或不再是）有联系实体后的7个营业日内书面通知证监会。

III错误，因为有联系实体如果收取或持有客户资产，除非获证监会书面认可，否则不得经营任何其他业务（认可财务机构除外）。

IV正确，因为若有联系实体提供的资料发生任何改变，须于改变发生后的7个营业日内通知证监会。
课文原文（题目对应的知识点）：
中介人的有联系实体界定为以下公司（包括在海外注册成立但于香港设有营业
地点的公司）：
(a) 与该中介人有控权实体关系（见下文附注）；及
(b) 在香港收取或持有该中介人的客户资产的公司。
附注︰就某法团而言，控权实体指控制该法团不少于 20%投票权或有权提名该
法团任何董事，或于该法团拥有股份权益可否决或修订其决议案的人士。
有联系实体须在其成为或不再是有联系实体后的 7 个营业日内以书面通知证监
会，并根据证监会订立的规则提供任何订明
的其他资料。倘有关资料其后有任何改变，则有联系实体须于改变发生后的 7 个
营业日内通知证监会。
当中介人的有联系实体收取或持有该中介人的客户资产时，则除非获证监会书面认可，否则不得经营任何其他业务（此规定不适用于认可财务机构）。
英文解析：
I correct, because the SPV meets both conditions: the licensed corporation controls not less than 20% of its voting rights, and it holds the licensed corporations client assets in Hong Kong.

II correct, because a connected entity must notify the SFC in writing within 7 business days after it becomes (or ceases to be) a connected entity.

III incorrect, because if a connected entity receives or holds client assets, it must not carry on any other business unless it obtains written recognition from the SFC (this does not apply to authorized financial institutions).

IV correct, because if any information provided by the connected entity changes, it must notify the SFC within 7 business days after the change occurs.

第128题答案：
B
大屿老师（大屿surepass）解析：
I. 构成。就证券上市规则（即《上市规则》）的遵守问题提供意见，是第6类活动的核心范畴。

II. 不构成。就收购非上市公司的股权结构提供建议，由于不涉及“认可交易所的上市规则”或“向公众处置证券的要约”，通常不属于第6类活动，可能属于一般商业或法律咨询。

III. 构成。就上市公司关联交易是否符合《上市规则》提供意见，属于对上市规则遵守问题的咨询，是第6类活动。

IV. 不构成。为个人客户提供证券投资组合建议，属于一般的“就证券提供意见”（第4类活动），而非专门针对机构融资事务（如上市、收购合并、股份回购等）提供意见。
课文原文（题目对应的知识点）：
就机构融资提供意见（第 6 类受规管活动）
本节将讲解适用于就机构融资提供意见的受规管活动的规则。根据《证券及期货条例》，就机构融资提供意见指：
(a) 对由认可交易所（即联交所）根据《证券及期货条例》或由证监会根据《证券及期货条例》订立的关于证券上市的规则及证监会颁布有关公司收购、合并及股份回购的守则的遵守问题或就该等规则及／或守则提供意见；
(b) 处置证券而将之转予公众或从公众取得证券的要约提供意见；
(c) 接受该等要约，但以意见是提供予证券或某类别证券的持有人为限；或
(d) 就上市法团或公众公司（或其附属公司、高级人员或股东）提供关于机构重组而在证券方面的意见。
就机构融资提供意见的人士须获证监会发牌。关于香港机构融资活动的规管主要载于《证券及期货条例》、《公司条例》、《公司（清盘及杂项条文）条例》、《上市规则》及《公司收购、合并及股份回购守则》（“两份守则”）。
本手册仅分析《上市规则》及两份守则。《上市规则》由联交所在证监会的全面监督下执行，而两份守则均由证监会直接管理。有关证监会及其相关委员会、小组及审裁处的活动（包括与就机构融资提供意见有关的活动）。
英文解析：
I Constitutes. Providing advice on compliance with securities listing rules (i.e., the Listing Rules) is a core area of Type 6 activity.

II Does not constitute. Advising on the equity structure for acquiring a non-listed company typically does not involve "the listing rules of a recognized exchange" or "an offer to dispose of securities to the public" and therefore usually does not fall under Type 6 activity; it may be considered general business or legal advice.

III  Constitutes. Providing an opinion on whether a connected transaction of a listed company complies with the Listing Rules involves advice on compliance with listing rules, which is a Type 6 activity.

IV Does not constitute. Providing advice on a personal securities portfolio for an individual client falls under general "advising on securities" (Type 4 activity), not specialized advice on corporate finance matters (such as listings, takeovers, mergers, share repurchases, etc.).

第129题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为国际证监会组织是证券监管机构的全球性组织，负责促进合作及推行高标准监管制度。

II正确，因为证监会是国际证监会组织的活跃成员，并且是其理事会成员。

III错误，因为国际证监会组织的角色是促进合作与标准制定，而非直接取代各国监管机构进行市场实时监控。

IV正确，因为证监会是国际证监会组织多边谅解备忘录的签署人，该备忘录旨在提供调查互助及资料共享。
课文原文（题目对应的知识点）：
国际证监会组织是证券监管机构的全球性组织，负责促进合作及推行高标准监管制度，以维持公平、有效率及稳健的市场。证监会是国际证监会组织的活跃成员。截至 2024 年 6 月，国际证监会组织共有 240 名成员。证监会是国际证监会组织理事会成员之一，于管治和标准厘定事宜上担当重要角色。证监会亦是国际证监会组织的多边谅解备忘录的签署人，提供全球主要证券及期货监管机构间的调查互助及资料共享。
英文解析：
I correct, because IOSCO is a global organization of securities regulators responsible for promoting cooperation and implementing high regulatory standards.

II correct, because the SFC is an active member of IOSCO and serves on its Board.

III incorrect, because IOSCOs role is to promote cooperation and standard-setting, not to directly replace national regulators for real-time market monitoring.

IV correct, because the SFC is a signatory to the IOSCO Multilateral Memorandum of Understanding, which provides for investigative assistance and information sharing.

第130题答案：
B
大屿老师（大屿surepass）解析：
I错误，规定要求备存纪录不少于7年，而非“永久”保存。

II正确，保管人须透过订立足够的组织安排来管理保管风险，以减少基金财产损失的风险。

III正确，有关纪录应备存在获证监会批准的处所。将纪录存放在已获批的办公室符合此要求。

IV错误，虽然可以委任次保管人并划分责任，但相关的委任不得减损保管人自身的最终责任和义务。约定次保管人承担“所有”法律责任可能试图完全转移保管人责任，这与“不得减损保管人责任”的原则相悖。
课文原文（题目对应的知识点）：
当私人开放式基金型公司的其他计划财产并非由保管人收取或持有时,该保管
人应核实该私人开放式基金型公司或其投资经理已适当地授权有关交易。
保管人可委任次保管人。然而,有关的委任不得减损保管人的责任和义务。
保管人必须备存不少于7年的会计及其他纪录,该等纪录足以就现在或已经受其
保管的私人开放式基金型公司的所有计划财产予以说明及提供审计线索。此外,有关纪录应备存在获证监会批准的处所及足以显示该保管人已遵守所有适用的监管规定。
保管人须透过订立足够的组织安排来管理保管风险,务求减少有关私人开放式基金型公司计划财产损失的风险。
英文解析：
I incorrect, the requirement is to maintain records for not less than 7 years, not “permanently”.

II correct, the custodian must manage custodial risks by establishing adequate organizational arrangements to reduce the risk of loss to the private OFCs scheme property.

III correct, the records should be kept at a place approved by the SFC. Keeping records at an approved office location complies with this requirement.

IV incorrect, while a sub-custodian can be appointed and liability allocated, such appointment must not derogate from the custodians own responsibilities and obligations. Stipulating that the sub-custodian assumes “all” legal liability may attempt to fully transfer the custodians responsibility, which is contrary to the principle that the appointment “must not derogate from the custodians responsibilities and obligations”.


第131题答案：
D
大屿老师（大屿surepass）解析：
I正确，因为规定要求客户授权须为书面形式，且应列明获授权人。

II正确，因为规定要求每年与客户确认授权。

III正确，因为规定要求在开户前书面披露因执行交易而收取的利益。

IV错误，因为规定仅要求账户“应指明为委托帐户”并建立内部监控制度，未强制规定具体的标记名称和“额外”监督。
课文原文（题目对应的知识点）：
委托帐户为客户帐户,而该帐户的客户授权持牌人或注册人或其雇用的任何人士（须为持牌人或注册人）在代表该帐户进行每项交易前,无须事先获得该客户批准。客户可作出全权委托,亦可施加若干条件（例如要求持牌人或注册人只可在特定限制下进行交易）。
《操守准则》就开立及操作委托帐户施加了以下规定：
(a) 客户须以书面形式作出授权；
(b) 授权书应列明获授权操作有关帐户的人士,如向该人给予授权,便应在授权
书上注明该人士为持牌人或注册人的雇员或代理人；
(c) 如持牌人或注册人或其雇用的人士获授权操作帐户,该等人士应向客户解释授权的条款；
(d) 持牌人或注册人应每年一次与客户确认授权；就此而言,持牌人或注册人可
在届满日期前通知客户,指明除非客户在授权届满的日期前以书面通知取消有关授权,否则该项授权将会自动续期；
(e) 该等帐户应指明为委托帐户；
(f) 委托帐户的开立应由高级管理层审批；
(g) 持牌人或注册人必须在开户阶段或订立委托帐户的客户协议书前,以书面
形式向客户披露其为客户的帐户执行交易时所收取的利益—这包括在明确
收取报酬的安排下的任何金钱收益以及任何其他金钱或非金钱收益；及
(h) 内部监控制度,以确保帐户的操作得到妥善监督。
英文解析：
I correct, because rules require client authorization to be in writing and specify the authorized person.

II correct, because rules require annual confirmation of the authorization with the client.

III correct, because rules require written pre-account opening disclosure of benefits received from executing client trades.

IV incorrect, because rules require the account be “designated as a discretionary account” and have internal controls, but do not mandate a specific label or “additional” supervision.

第132题答案：
C
大屿老师（大屿surepass）解析：
I. 可以。在认可财务机构开立并指定为客户或信托账户的独立账户，是存放客户款项的正确方式。

II. 不可以。将客户款项保留在公司的一般运营账户中，严重违反了客户资金隔离存放的核心规定。客户款项必须在收取后的一个营业日内存入指定的独立账户或进行支付。

III. 可以。按照有效的常设授权支付款项，是规则明确允许的处理方式之一。

IV. 可以。按照客户当日的书面指示支付款项，同样是规则明确允许的处理方式之一。
课文原文（题目对应的知识点）：
收取客户款项后的处理程序
收取或持有客户款项的持牌法团或有联系实体，须开立一个或多于一个独立帐户，而每个帐户均须于认可财务机构或证监会批准的其他人士处维持，并须指定为信托帐户或客户帐户。
持牌法团或有联系实体须于收取上述客户款项后的一个营业日内：
(a) 将该款项存入独立帐户；
(b) 将该款项直接支付予有关客户；
(c) 按照书面指示支付该款项；或
(d) 按照常设授权支付该款项。
英文解析：
I Compliant. Depositing client money into an independent account designated as a client or trust account, opened with an authorized financial institution, is the correct method for holding such funds.

II Non-compliant. Holding client money in the company’s general operating account is a serious violation of the core requirement to segregate client funds. Client money must be deposited into a designated segregated account or paid out within one business day of receipt.

III  Compliant. Paying the funds in accordance with a valid standing authorization is one of the handling methods explicitly permitted by the rules.

IV Compliant. Paying the funds according to the client’s written instruction on the same day is also one of the handling methods explicitly permitted by the rules.

第133题答案：
B
大屿老师（大屿surepass）解析：
I. 正确。规则要求，中介人须在订立合约后的第二个营业日终结前发出成交单据。周一订立，则周一为第0日，周二为第一个营业日，周三为第二个营业日。

II. 正确。规则允许，于同一日为同一客户订立的数份合约可纳入同一份成交单据。

III. 不正确。规则明确指出，注明中介人以主事人身份行事的要求，杠杆式外汇交易合约除外。因此，对于杠杆式外汇交易，无论中介人是否为主事人，都无需在单据上特别注明此身份。

IV. 正确。这些是规则规定的成交单据必须列载的基本信息。
课文原文（题目对应的知识点）：
成交单据
成交单据载有以下种类合约的详情：
(a) 证券交易，包括证券借贷交易；
(b) 期货合约交易；及
(c) 杠杆式外汇交易。
通常会就单一交易制备一份成交单据，但于同一日为同一客户订立的数份合约可纳入同一份成交单据或与日结单结合。中介人须在订立该等合约后的第二个营业日终结前向客户或任何指定人士发出成交单据。
成交单据须列载有关客户的姓名及帐户号码、中介人经营业务所用的名称，以及合约的所有详情；如中介人以主事人身份行事（杠杆式外汇交易合约除外），则注明该中介人如此行事；帐户是否属保证金帐户；以及《成交单据规则》就下列合约指明的其他详情：
(a) 证券合约；
(b) 期货合约；及
(c) 杠杆式外汇交易合约。
英文解析：
I Correct. The rules require that an intermediary must dispatch the contract note no later than the end of the second business day after entering into the contract. If entered on Monday (Day 0), Tuesday is the first business day, and Wednesday is the second business day.

II Correct. The rules permit contracts entered into for the same client on the same day to be included in the same contract note.

III  Incorrect. The rules explicitly state that the requirement to state that the intermediary acted as principal does not apply to leveraged foreign exchange contracts. Therefore, for such contracts, whether the intermediary acted as principal or not, there is no need to specify this capacity on the note.

IV Correct. These are the basic pieces of information that the rules mandate must be included in a contract note.
第 134 题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为“更改公司名称”属于需要成员批准的权力。

II正确，因为发行附带新权利的优先股涉及“资本的更改”及“变更各类股份的权利”，均需成员批准。

III正确，因为“公司安排及重整”属于需要成员批准的权力。

IV错误，“与回购有关的事宜”或提前赎回债券，如果条款已在原发行文件中授权董事会执行（例如在特定条件下可提前赎回），且不涉及改变资本结构或股东权利的核心要素，通常可由董事会根据授权决定，并非必然需要股东大会批准。
课文原文（题目对应的知识点）：
该等权力包括：
(a) 更改组织章程细则及公司名称；
(b) 与回购有关的事宜；
(c) 按折让价发行股份；
(d) 资本的更改（包括削减资本）；
(e) 变更各类股份的权利；
(f) 公司安排及重整；
(g) 委任及罢免核数师；
(h) 罢免董事；
(i) 处置公司资产；
(j) 批准支付离职补偿；及
(k) 根据法令提交清盘呈请及自动清盘。
英文解析：
I correct，because "changing the companys name" is a power requiring member approval.

II correct，because issuing new preference shares with new rights involves "alteration of share capital" and "variation of rights attached to any class of shares," both of which require member approval.

III correct，because "company arrangements and reconstructions" is a power requiring member approval.

IV incorrect，matters "related to buy-backs" or early redemption of bonds, if the terms already authorize the board to do so (e.g., under specific conditions), and do not fundamentally alter the capital structure or shareholders rights, can typically be decided by the board under its delegated authority and do not necessarily require a general meeting approval.

第 135 题答案：
D
大屿老师（大屿surepass）解析：
I 正确。集团内部与已获批核的豁免联属公司之间的交易可豁免结算责任。

II 正确。记录在已认定为豁免司法管辖区账簿上的交易可豁免结算责任。

III 正确。为降低操作与信用风险通过第三方进行的多边投资组合压缩交易可豁免结算责任。

IV正确，因为交易若已在与香港规管可比的指定司法管辖区（如欧盟）通过认可的中央对手方完成结算，可依据“替代遵守”原则豁免在香港的结算责任。
课文原文（题目对应的知识点）：
结算责任不适用的情况
许多场外衍生工具交易涉及跨境元素。证监会已认可逾 30 个在规定及其他安排方面与香港的规定可资比较的指定司法管辖区。如某交易已经由指定中央对手方根据及在指定司法管辖区的法律下进行结算，则将无须于香港为该交易进行结算。这个做法被称为替代遵守。
《场外衍生工具结算规则》亦规定，结算责任在下列 3 种情况下不适用于订明人士：
(a) 该交易是与公司集团成员公司订立，而该成员公司先前已被识别为符合被视为获豁免联属公司的有关规定；
(b) 该交易记录在该订明人士于另一司法管辖区的簿册，而该司法管辖区先前已被识别为符合被视为获豁免司法管辖区的有关规定；及

(c) 该交易是由某第三方依据指示就降低交易方的业务操作风险或对手方信贷风险按多边基准而订立（称为“多边投资组合压缩行动”）。
英文解析：
I is correct. Transactions between group members with an approved exempt affiliate are exempt from the clearing obligation.

II is correct. Transactions recorded in the books of a recognized exempt jurisdiction are exempt from the clearing obligation.

III is correct. Multilateral portfolio compression exercises conducted through a third party to reduce operational and credit risks are exempt from the clearing obligation.

IV is correct, because if the transaction has already been cleared through a recognized central counterparty in a designated jurisdiction with comparable regulation to Hong Kong (such as the European Union), it may be exempted from the clearing obligation in Hong Kong under the principle of "substituted compliance."

第 136 题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为财务行动特别组织（FATF）被公认为一个由政府间成员组成的国际组织，香港是其成员之一。

II错误，因为FATF的核心职能是制定全球反洗钱/反恐融资标准并推动其落实，而非直接进行跨国执法或起诉具体案件。

III正确，因为加入FATF的成员通常意味着承诺采纳并实施其制定的国际标准。

IV正确，因为在全球化的金融市场中，从业者需要关注FATF等国际标准，以确保业务符合国际惯例并管理跨境风险，这对于国际金融中心的日常工作“相当重要”。
课文原文（题目对应的知识点）：
财务行动特别组织是一个跨政府组织，由 37 个司法管辖区（包括香港）及两个地区组织组成。其主要目的是制订标准并推动有效地落实法律、监管及营运措施，以打击洗钱／恐怖分子资金筹集以及对国际金融系统的相关威胁。其建议反映国际标准，而由于香港是财务行动特别组织的成员，故有责任实施相关规定。香港乃国际金融中心，因此香港金融服务行业的人士熟悉财务行动特别组织的标准及该标准与其日常工作的连系是相当重要的。
英文解析：
I correct, because the Financial Action Task Force (FATF) is widely recognized as an international, inter-governmental body of which Hong Kong is a member.

II incorrect, because FATF’s primary role is to set global AML/CFT standards and promote their implementation, not to conduct direct law enforcement or prosecute specific cases.

III correct, because membership in FATF typically entails a commitment to adopt and implement the international standards it establishes.

IV correct, because in a globalized financial market, practitioners must be aware of international standards like FATF’s to align with global norms and manage risks, which is crucial for daily work in an international financial centre.

第 137 题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为指引规定须设立与风险相称的制度，且高级管理层须批准并确保其妥善实施。

II错误，因为指引指出在风险较低时可简化制度，但前提是“惟须符合法定规定”。简化不能以不符合法定最低要求为代价。

III正确，因为指引规定打击洗钱制度应包括合规管理安排、独立审核职能、雇员甄选程序及持续雇员培训计划。

IV正确，因为指引规定应委任适当的合资格员工（配以充足资源）担任合规主任，且其应属高级管理阶层，全面负责反洗钱制度。
课文原文（题目对应的知识点）：
《打击洗钱指引》规定持牌法团及持牌虚拟资产服务提供者须设立与所识别的
洗钱／恐怖分子资金筹集风险相称的打击洗钱／恐怖分子资金筹集制度，以便
持牌法团及持牌虚拟资产服务提供者管理及减低该等风险。高级管理层就此有
明确责任，他们须批准打击洗钱／恐怖分子资金筹集制度及确保该制度获妥善
实施，并在所识别的风险较高或较低的情况下分别加强或简化该制度，惟须符合
法定规定。
打击洗钱／恐怖分子资金筹集制度应包括合规管理安排、可评估打击洗钱／恐
怖分子资金筹集制度成效的独立审核职能、雇员甄选程序及持续雇员培训计划。
应委任适当的合资格员工（配以充足资源）担任合规主任及洗钱报告主任一职。
合规主任应属高级管理阶层人士，将全面负责持牌法团及持牌虚拟资产服务提
供者的打击洗钱／恐怖分子资金筹集制度。
英文解析：
I correct, because the Guideline requires establishing a proportionate AML system, and senior management must approve and ensure its proper implementation.

II incorrect, because while the system can be simplified when risks are lower, it must still comply with statutory requirements. Simplification cannot override legal minimums.

III correct, because the AML system should include compliance management, independent audit, staff screening, and ongoing training.

IV correct, because the firm should appoint a qualified Compliance Officer with adequate resources, who should be from senior management and have overall responsibility.

第 138 题答案：
B
大屿老师（大屿surepass）解析：
I 错误，因为该行为是交易员利用客户交易信息抢先买入，属于“扒头交易”，而非重新分配买卖盘的“老鼠仓”操作。

II错误，这属于“抬轿子”或利益输送行为，利用公募基金资金为私募产品谋利，损害了公募基金持有人的利益。但它并非直接针对单一客户指令进行分配操纵，而是不同产品间的利益输送，不完全是“老鼠仓”定义中描述的基于单一指令分配的模式。

III正确，这完全符合“老鼠仓”的经典操作模式：客户经理在执行客户指令后，不立即公平分配，而是利用执行后发生的价格变动，将有利的交易结果（低买价）分配给自己或关联方，将不利的结果（高买价）转嫁给原始客户。

IV错误，这属于典型的“反向交易”，投资顾问利用其对客户影响力进行与客户相反方向的操作以获利，是一种严重的利益冲突和欺诈行为，但并非直接操纵客户指令分配过程的“老鼠仓”。
课文原文（题目对应的知识点）：
“老鼠仓”交易通常涉及重新分配买卖盘，损害客户的利益以谋取个人利益。例如：
(a) 客户主任虽为客户执行买盘指令，但却延迟将指令分配至该客户；
(b) 如其后所购入的证券价格上升，便会将买卖盘以较低的执行价格分配至他本身的户口（或其相关户口）；
(c) 再执行新的指令，并以较高价格分配至该客户。
英文解析：
I incorrect. because the act, where the trader used the client’s trading information to front-run the order, constitutes "front-running" rather than the "rat trading" practice involving the reallocation of trading orders.

II incorrect. This is a form of “pump-and-dump” or benefit transfer, using public fund assets to benefit a private fund, harming public fund unitholders. However, it does not directly involve manipulating the allocation of a single client order but rather transfers benefits between different products, not exactly the single-order allocation model described in the classic “bucketing” definition.

III correct. This perfectly matches the classic “bucketing” operation model: the client manager, after executing the clients order, does not allocate fairly and immediately. Instead, he uses the post-execution price movement to allocate the favorable trade outcome (lower buy price) to himself or related parties and passes the unfavorable outcome (higher buy price) to the original client.

IV incorrect. This is typical “trading against” or “scalping.” The adviser exploits his influence over the client to trade in the opposite direction for personal gain, a severe conflict of interest and fraud, but not “bucketing” that directly manipulates the client order allocation process.

第 139 题答案：
D
大屿老师（大屿surepass）解析：
I错误，因为对于两地上市的公司，其在香港上市的部分由香港监管，在上海上市的部分由内地监管，其首要监管机构需根据具体上市股份的所在地划分，而非统一由香港监管机构承担。

II错误，暂停交易需由相关交易所（如上交所）执行，且需获得其所在地监管机构（中国证监会）的批准。香港证监会不能直接指令。

III正确，这是两地谅解备忘录的核心内容之一，旨在为联合调查和信息共享提供依据。

IV错误，香港券商无论从事本地或跨境业务，其持续的监管机构（证监会或金管局）保持不变，并不会因业务性质改变而转移。
课文原文（题目对应的知识点）：
沪深港通为一份证监会与中国证券监督管理委员会（“中国证监会”）签署有关跨境监管及执法的谅解备忘录的主题。该谅解备忘录包括对有嫌疑的不当行为，
如披露虚假资料、内幕交易及操纵市场等开展联合调查并共享调查资讯。
沪深港通不会影响现有就各方市场、其上市公司或中介人的监管安排。在联交

所上市的公司仍须遵守《香港联合交易所有限公司证券上市规则》（“《上市规
则》”）（于两地上市的公司仍受其首要监管机构规管），而于香港参与沪港通或
深港通的持牌法团及注册机构仍分别受证监会及金管局的规管监察。
当认为为确保市场公平有序而有必要停牌时，参与每个交易通的任何一方相关
交易所可随时暂停透过沪深港通的一般交易或某些指定证券的交易，但须事先
获得相关监管机构批准（就联交所而言为证监会；就上交所／深交所而言为中
国证监会）。
英文解析：
I incorrect. This is because for dual-listed companies, the shares listed in Hong Kong are regulated by Hong Kong authorities, while those listed in Shanghai fall under the supervision of mainland regulators. The primary regulator shall be determined based on the jurisdiction where the specific listed shares are domiciled, rather than being uniformly overseen by Hong Kong regulatory authorities.

II incorrect. Trading suspension is enacted by the relevant exchange (e.g., SSE) and requires approval from its local regulator (CSRC). The Hong Kong SFC cannot issue direct orders.

III correct. This is one of the core elements of the MoU between the two regulators, providing a basis for joint investigations and information sharing.

IV incorrect. The ongoing regulator of a Hong Kong broker (SFC or HKMA) remains unchanged whether it engages in local or cross-border business; it does not shift due to the nature of the business.

第 140 题答案：
B
大屿老师（大屿surepass）解析：
I.不构成：因为持有第9类牌照的资产管理公司纯粹为管理客户投资组合而通过持牌期货交易商买卖期货合约，属于条例明确豁除的范围，无须额外持有第2类牌照。所以I项不应被视为正确选项。
II. 不构成。以主事人身份与专业投资者就非交易所交易的期货合约进行交易，属于明确豁除的情况，不需要第2类牌照。
III. 构成。为赚取报酬而将第三方的邀请传达给期货交易商，根据附注，此行为本身被视为期货合约交易，需要相应牌照。
IV. 不构成。认可结算所的活动被明确豁除在期货合约交易的定义之外。
课文原文（题目对应的知识点）：
期货合约交易的定义（《证券及期货条例》）
任何人如作出以下行为，即属从事期货合约交易：
(a) 为订立、取得或处置期货合约而与另一人订立或要约与另一人订立协议；及
(b) 诱使或企图诱使另一人订立、取得或处置期货合约。
18 上述定义不包括以下人士：
(a) 认可结算所；
(b) 透过另一人作出上述行为的人士，而该另一人是就第 2 类受规管活动获发牌或获注册或获金管局注册为受聘于从事第 2 类受规管活动的人士；
(c) 以主事人身份与专业投资者就并非在认可期货市场交易的期货合约进行期货合约交易的人士；
(d) 只在《商品交易所（禁止经营）条例》特定章节所述市场从事上述行为的人士；
(e) 在 1973 年 6 月 20 日已经营的商品交易所的成员，并只在该交易所作出上述行为的人士；
(f) 第 9 类受规管活动的持牌人，纯粹为进行第 9 类受规管活动而作出上述行为；及
(g) 订立市场合约的人士。
附注︰然而，如上述人士是为赚取报酬而进行以下事项，将被视为进行期货合约
交易：
(i) 将从第三者接收为订立期货合约的要约或邀请传达予期货交易商；
(ii) 透过期货交易商为第三者达成期货合约的取得或处置；
(iii) 为交易商向第三者提出取得或处置期货合约的要约；
(iv) 为期货交易商接受第三者提出的取得或处置期货合约的要约；或 (v) 使期货交易商或其代表与第三者间互相介绍，以使该第三者可从事期 货合约交易。
英文解析：
I Does not constitute, because an asset management company holding a Type 9 license that trades futures contracts solely for managing client portfolios through a licensed futures dealer is explicitly excluded from licensing requirements under the Ordinance.
II. Does not constitute. Dealing as a principal with a professional investor in futures contracts not traded on a recognized futures market is explicitly excluded and does not require a Type 2 license.
III. Constitutes. Forwarding invitations from a third party to a futures dealer for reward is, according to the note, itself considered dealing in futures contracts and requires a license.
IV. Does not constitute. The activities of a recognized clearing house are explicitly excluded from the definition of dealing in futures contracts.