【香港证券从业考试模拟练习题】第九期

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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 141 题

投资经理王某为使其管理的基金季度业绩达标，实施了以下操作：

I. 让其亲属在多家券商开立账户，同步且反复地买卖其重仓的“海澜股份”，制造该股交投活跃的假象。

II. 指使下属撰写并发布一篇研究报告，声称“海澜股份”已获得一份金额巨大的政府订单，而事实上该订单仍处于早期接触阶段。

III. 在季度末最后半小时，连续以明显高于当前成交价的价格申报买入“海澜股份”，将股价推高至目标价位。

IV. 将上述为美化业绩而进行的交易策略，在公司内部的季度策略会上向投资总监进行了汇报。

以上哪些操作单独来看，已涉嫌构成市场失当行为？

A. I,II,III

B. I,II,IV

C. II,III,IV

D. I,II,III,IV

对照版英文：

Fund manager Ms. Sun implemented the following operations to help her fund meet its quarterly performance target:

I. Asked her relatives to open accounts at multiple brokers and synchronously conduct repeated buy and sell trades of her heavily held “Ocean Blue Stock,” creating a false appearance of active trading in the stock.

II. Instructed a subordinate to write and publish a research report claiming that “Ocean Blue Stock” had secured a huge government contract, while in fact, the contract was still in early-stage discussions.

III. During the last half-hour of the quarter, continuously placed buy orders for “Ocean Blue Stock” at prices significantly above the prevailing market price, pushing the stock price up to a desired level.

IV. Reported the trading strategy employed to window-dress the performance to the Chief Investment Officer during the companys internal quarterly strategy meeting.

Which of the above operations, considered individually, are already alleged to constitute market misconduct?

A. I,II,III

B. I,II,IV

C. II,III,IV

D. I,II,III,IV

第 142 题

一家金融机构计划向香港公众发行一款非上市的结构性产品。该机构的产品经理正在准备申请证监会认可。根据《证券及期货条例》关于结构性产品向公众发售的规定，以下哪几项陈述是正确的？

I. 该产品必须是在联交所上市，或获得证监会认可，方可向香港公众发售。

II. 证监会只能在事先设定的固定条件下授出认可，无权附加其认为适当的其他条件。

III. 获认可的产品必须有一名经证监会核准的个人作为联络人，此人通常需就第1类或第4类受规管活动获发牌或注册。

IV. 如果证监会不信纳认可某产品是符合投资大众的利益，它可以以此为由拒绝认可。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

A financial institution plans to issue a non-listed structured product to the Hong Kong public. The product manager is preparing an application for SFC authorization. According to the Securities and Futures Ordinance regarding the public offering of structured products, which of the following statements are correct?

I. The product must either be listed on the Stock Exchange or be authorized by the SFC before it can be offered to the Hong Kong public.

II. The SFC may only grant authorization under pre-set, fixed conditions and has no power to impose other conditions it deems appropriate.

III. An authorized product must have an individual approved by the SFC as a contact person, who is typically required to be licensed or registered for Type 1 or Type 4 regulated activities.

IV. If the SFC is not satisfied that authorizing a product is in the interest of the investing public, it may refuse authorization on that ground.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 143 题

以下哪些情景，符合“提供信贷评级服务”的定义？

I. 一家公司的分析师编制了一份关于某地方政府债券的信用报告，并将该报告上传至其公司的公开网站，供所有访客免费查阅。

II. 某银行内部风控团队为评估其交易对手风险，编制了一套内部使用的信用评分卡，该评分卡从未且无计划向行外任何人士提供。

III. 一家机构为其付费会员每周发送电子邮件，邮件中包含其对近期发行的公司债券的评级观点和详细分析。

IV. 一家咨询公司受某私募股权基金委托，为其拟收购的目标公司做了一份详尽的信用尽职调查报告，该报告仅提交给该基金用于投资决策。

A. I,III

B. I,IV

C. II,III

D. II,IV

对照版英文：

Which of the following scenarios fall under the definition of “providing a credit rating service”?

I. An analyst at a firm prepares a credit report on a municipal bond and uploads it to the firms public website for free access by all visitors.

II. A bank’s internal risk control team develops an internal credit scoring card for assessing counterparty risk. This card has never been and is not intended to be provided to anyone outside the bank.

III.  An institution sends weekly emails to its paying members, containing its rating opinions and detailed analysis on recently issued corporate bonds.

IV. A consulting firm is commissioned by a private equity fund to produce a detailed credit due diligence report on a target company for acquisition. The report is solely submitted to the fund for its investment decision.

A. I,III

B. I,IV

C. II,III

D. II,IV

第 144 题
“诚信信托公司”正计划担任一只新成立的、以单位信托形式设立的集体投资计划的受托人。该公司的法律团队正在审阅相关监管要求。关于认可集体投资计划中受托人/保管人的角色，以下哪几项陈述是正确的？

I. 以单位信托形式设立的认可集体投资计划必须设有受托人。

II. 以公司形式（如互惠基金公司）设立的认可集体投资计划必须设有保管人。

III. 受托人的具体职责主要由《证券及期货条例》直接详细规定，而非主要依赖信托契据等组成文件。

IV. 受托人/保管人需要遵守的规定，主要载于《单位信托守则》，以确保计划取得及维持其认可地位。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

"Integrity Trust Company" plans to act as the trustee for a newly established collective investment scheme structured as a unit trust. The companys legal team is reviewing the relevant regulatory requirements. Regarding the role of trustees/custodians in authorized collective investment schemes, which of the following statements are correct?

I. An authorized collective investment scheme structured as a unit trust must have a trustee.

II. An authorized collective investment scheme structured as a company (e.g., a mutual fund corporation) must have a custodian.

III. The specific duties of the trustee are primarily detailed directly by the Securities and Futures Ordinance, rather than relying mainly on constitutive documents such as the trust deed.

IV. The requirements for trustees/custodians are primarily set out in the Code on Unit Trusts and Mutual Funds to ensure the scheme obtains and maintains its authorized status.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 145 题

“汇鑫金融集团”计划开展外汇业务，正在评估牌照申请策略。根据相关发牌制度，以下哪些说法是正确的？

I. 如果集团计划直接与零售客户进行高杠杆的外汇保证金交易，需要向证监会申请第3类牌照。

II. 如果集团仅作为介绍人，将客户的杠杆式外汇交易指令转交给另一家持牌杠杆式外汇交易商执行，则无需申请任何牌照。

III. 集团的关联公司若从事豁除于“杠杆式外汇交易”定义之外的外汇活动，则无需为此申请第3类牌照。

IV. 核准介绍代理人虽然不持有客户资产，但仍需持有第3类牌照，且其资本要求低于直接进行交易的杠杆式外汇交易商。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

“Huixin Financial Group” plans to launch foreign exchange business and is evaluating its licensing strategy. According to the relevant licensing regime, which of the following statements are CORRECT?

I. If the group plans to directly engage in high-leverage foreign exchange margin trading with retail clients, it needs to apply to the SFC for a Type 3 license.

II. If the group only acts as an introducer, forwarding clients leveraged foreign exchange trading orders to another licensed leveraged foreign exchange trader for execution, no license is required.

III.  If an associated company of the group engages in foreign exchange activities that are excluded from the definition of “leveraged foreign exchange trading,” it does not need to apply for a Type 3 license for those activities.

IV. Approved introducing agents, while not holding client assets, still need to hold a Type 3 license, and their capital requirements are lower than those of leveraged foreign exchange traders who directly deal.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 146 题

根据对认可财务机构在外汇交易方面的规管安排，以下哪些说法是正确的？

I. 认可财务机构（如持牌银行）为零售客户提供杠杆式外汇交易服务时，必须向证监会申请并取得第3类牌照。

II. 认可财务机构在从事银行同业间的大额外汇交易时，因其已受金管局规管，所以通常豁除于证监会针对“杠杆式外汇交易商的特定发牌制度之外。

III. 认可财务机构不得从事任何形式的杠杆式外汇交易业务。

IV. 认可财务机构获得的豁除使其可以从事外汇交易，而无须额外遵守证监会为该活动设立的专门发牌规定。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

In accordance with the regulatory arrangements for authorized financial institutions in respect of foreign exchange transactions, which of the following statements are correct?

I. When authorized financial institutions (e.g. licensed banks) provide leveraged foreign exchange trading services to retail clients, they must apply to the Securities and Futures Commission (SFC) for and obtain a Type 3 Licence.

II. When authorized financial institutions conduct large-value interbank foreign exchange transactions, they are generally exempt from the SFC’s specific licensing regime for "leveraged foreign exchange dealers" given that they are already regulated by the Hong Kong Monetary Authority (HKMA).

III. Authorized financial institutions are prohibited from engaging in any form of leveraged foreign exchange trading business.

IV. The exemptions granted to authorized financial institutions allow them to conduct foreign exchange transactions without being required to comply with the additional specific licensing requirements imposed by the SFC for such activities.

A. I,II

B. I,III

C. II,IV

D. III,IV

第 147 题

一位专业投资者客户与“宏达证券”签署了一份为期3年的常设授权，即将到期。客户收到“宏达证券”于到期前20日发出的书面续期通知。根据相关规则，以下哪些说法是正确的？

I. 客户可以在授权到期前，以书面形式要求续期一次，续期期限可以是4年。

II. “宏达证券”发出的续期通知中必须明确说明，除非客户提出反对，否则授权将自动续期。

III. 如果客户未提出反对，授权自动续期后，“宏达证券”必须在到期日后的一周内向客户提供续期确认书。

IV. 由于客户是专业投资者，该授权的每次续期都没有期限限制，因此也可以选择永久续期。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

A professional investor client has a 3-year standing authorization with "Hongda Securities" that is about to expire. The client receives a written renewal notice from "Hongda Securities" 20 days before expiry. According to the relevant rules, which of the following statements are CORRECT?

I. The client may, before the authorization expires, request a renewal in writing once, and the renewal period could be 4 years.

II. The renewal notice sent by "Hongda Securities" must clearly state that unless the client objects, the authorization will be automatically renewed.

III.  If the client does not object and the authorization is automatically renewed, "Hongda Securities" must provide a renewal confirmation to the client within one week after the expiry date.

IV. Since the client is a professional investor, each renewal of this authorization has no duration limit, so it could also be renewed permanently.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 148 题

以下是关于《客户款项规则》中若干规定的陈述。根据相关规则，哪些陈述是正确的？

I. 对于客户款项所产生的利息，除非持牌法团与客户另有书面约定，否则这些利息原则上应归属于客户。

II. 持牌法团若发现有非客户款项的资金（例如公司的自有资金）被错误存入其独立客户账户，必须在发现后的一个营业日内将该笔资金移出该账户。

III. 持牌法团若发现自己未能按规定将客户款项存入独立账户，必须在发现问题后的三个营业日内向证监会报告。

IV. 关于客户款项的常设授权，其续期方式和对专业投资者的简化规定，与客户证券的相关规定完全相同。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

The following are statements regarding certain provisions of the Client Money Rules. According to the relevant rules, which of the statements are CORRECT?

I. Interest earned on client money should, in principle, be credited to the client unless there is a separate written agreement between the licensed corporation and the client stating otherwise.

II. If a licensed corporation discovers that funds that are not client money (e.g., the firm’s own funds) have been erroneously deposited into its segregated client account, it must remove those funds from that account within one business day of discovery.

III.  If a licensed corporation discovers its failure to deposit client money into a segregated account as required, it must report to the SFC within three business days of discovering the failure.

IV. The provisions regarding standing authorizations for client money, including renewal methods and simplified rules for professional investors, are identical to those for client securities.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 149 题

根据《操守准则》关于处理利益冲突的框架，分析在以下哪些情景中，持牌机构“第一证券”必须采取明确措施以管理或避免利益冲突？

I. “第一证券”的自营交易部门也在交易某只股票，而此时其经纪业务部门正收到大量客户买卖该股票的指令。

II. “第一证券”的一位分析师即将发布对Y公司的负面研究报告，而Y公司恰好是“第一证券”投行部门正在争取的IPO客户。

III. “第一证券”规定，所有客户交易指令必须按照到达交易台的先后顺序公平执行。

IV. “第一证券”为激励销售，规定客户经理销售本公司承销的金融产品可获得双倍佣金。

A. I,II,IV

B. I,II

C. I,III,IV

D. II,III,IV

对照版英文：

According to the framework for handling conflicts of interest, in which scenarios must licensed firm "First Securities" take explicit measures to manage or avoid conflicts?

I. "First Securities" proprietary desk trades a stock while its brokerage receives many client orders for the same stock.

II. An analyst at "First Securities" will issue a negative report on Company Y, a potential IPO client of its investment bank.

III. "First Securities" has a rule to execute all client orders fairly in the sequence they arrive.

IV. "First Securities" offers double commission for selling its own underwritten products to incentivize sales.

A. I,II,IV

B. I,II

C. I,III,IV

D. II,III,IV

第 150 题

投资顾问小陈在评估几只A股是否仍具备沪港通北向交易买入资格时，遇到了以下几种客户持仓情况。他的判断依据应包含哪些方面？

I. 对于一只已列入合资格名单的A股，小陈认为只要它仍是上证A股指数成份股，客户就可以继续买入。

II. 对于一只同时有H股在港交所上市的A股，小陈认为无论其市值和成交额如何，客户目前都可以买入。

III. 小陈提醒客户，如果某只合资格A股后来被交易所实施了“风险警示”，则可能只能卖出而无法再买入。

IV. 对于一只过去6个月停牌天数超过总交易天数50%的成份股，小陈认为它已丧失北向交易资格。

A. I,II

B. II,III,IV

C. III,IV

D. I,IV

对照版英文：

Investment advisor Xiao Chen is evaluating whether several A-shares still maintain their eligibility for purchase via the Northbound Trading Link of Shanghai-Hong Kong Stock Connect. He encounters the following client holding situations. Which aspects should his assessment correctly include?

I. For an A-share already on the eligible list, Xiao Chen believes clients can continue to buy it as long as it remains an SSE A-Share Index constituent.

II. For an A-share that also has an H-share listed on the HKEX, Xiao Chen believes clients can currently buy it regardless of its market capitalization and turnover.

III. Xiao Chen reminds clients that if an eligible A-share is later placed under “risk warning” by the exchange, it may become sell-only and purchase may be suspended.

IV. For a constituent stock that was suspended for more than 50% of the trading days in the past six months, Xiao Chen believes it has lost its Northbound trading eligibility.

A. I,II

B. II,III,IV

C. III,IV

D. I,IV

第 151 题

天诚证券的高级管理层正在审议公司最新的《全面风险管理政策》。政策需清晰界定并管理各类风险。根据监管定义与要求，以下关于资金流通性风险和运作风险的陈述，哪些是正确的？

I. 资金流通性风险是指产品无法在短期内变现而无重大损失，或某人无法短期偿债的风险。

II. 高级管理层应就特定产品、市场及交易对手，按照政策制定并执行风险集中度规定。

III. 运作风险仅指因内部流程效率欠佳或疏忽而导致损失的风险，不包括欺诈行为。

IV. 高级管理层应定期检讨公司运作，以管理因欺诈、错误等导致的财务损失风险，并制定业务延续计划。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

The senior management of Tiancheng Securities is reviewing the firms latest Comprehensive Risk Management Policy. The policy must clearly define and manage various risks. According to regulatory definitions and requirements, which of the following statements regarding funding liquidity risk and operational risk are correct?

I. Funding liquidity risk refers to the risk that a product cannot be liquidated without significant loss in the short term, or that a person cannot repay debts in the short term.

II. Senior management should establish and enforce risk concentration limits for specific products, markets, and counterparties in accordance with the policy.

III. Operational risk only refers to the risk of loss due to inefficient internal processes or negligence, excluding fraudulent acts.

IV. Senior management should regularly review operations to manage financial loss risks from fraud, errors, etc., and develop business continuity plans.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 152 题

“永信科技”的董事王先生在代表公司签订一份软件采购合同时，未向公司披露其是该软件开发商隐形股东的事实。公司发现后，决定对其失职行为采取法律行动。根据相关规定，公司可以采取以下哪些法定补救措施？

I. 向法院申请禁制令，禁止王先生在未来类似交易中再次隐瞒利益冲突。

II. 鉴于王先生未披露其个人权益，公司可以选择撤销这份软件采购合同。

III. 要求王先生个人赔偿公司因此交易可能遭受的全部损失，并且其他不知情的董事无须承担连带责任。

IV. 如果王先生从这笔交易中获得了任何额外的佣金或分红，他必须将这笔利益上交给公司。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

Director Wang of "Everfaith Tech" failed to disclose his hidden ownership in a software vendor when signing a procurement contract on the companys behalf. The company discovered this and is considering legal remedies. According to the relevant rules, which of the following statutory remedies can the company take?

I. Apply to the court for an injunction to prevent Mr. Wang from concealing conflicts of interest in similar future transactions.

II. Given his non-disclosure, the company may choose to rescind the software procurement contract.

III. Require Mr. Wang to personally compensate the company for all potential losses, with other unaware directors bearing no joint liability.

IV. If Mr. Wang received any extra commission or dividends from the deal, he must account for and surrender such benefits to the company.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 153 题

一家主板上市公司计划通过供股方式发行新股以筹集资金。公司董事会在审议该方案时，需考虑《上市规则》对上市后发行新股份方式的监管要求。根据相关规定，以下哪几项陈述是正确的？

I. 上市后，公司可通过供股、公开招股、资本化发行、代价发行等多种方式发行新股份。

II. 供股和公开招股仅需董事会批准，无需少数股东投票同意。

III. 为防止滥用及损害少数股东权益，《上市规则》对供股等可能涉及大幅价格折让的集资方式订有额外限制。

IV. 联交所无权在特定情况下，要求关联方放弃对相关融资提案的投票权。

A. I,II,III

B. I,II,IV

C. I,III

D. III,IV

对照版英文：

A Main Board listed company plans to issue new shares via a rights issue to raise capital. When the companys board of directors reviews this proposal, it needs to take into account the regulatory requirements for post-listing share issuance methods under the Listing Rules. In accordance with the relevant provisions, which of the following statements are correct?

I. After listing, the company may issue new shares through various methods such as rights issues, public offerings, capitalisation issues, and consideration issues.

II. Rights issues and public offerings only require the approval of the board of directors, and do not need the consent of minority shareholders through voting.

III. To prevent abuse and protect the interests of minority shareholders, the Listing Rules impose additional restrictions on capital-raising methods such as rights issues that may involve substantial price discounts.

IV. The Stock Exchange has no right to require related parties to waive their voting rights on relevant financing proposals under specific circumstances.

A. I,II,III

B. I,II,IV

C. I,III

D. III,IV

第 154 题

投资银行“Alpha Capital”正在协助一家国际企业，准备根据《主板上市规则》在香港向专业投资者发行一批高级无抵押债券。作为项目负责人，张先生需要确保发行安排符合监管要求。以下哪几项是他必须注意的关键规定？

I. 该债券的上市文件，必须在正式上市交易的当日对外刊发。

II. 鉴于债券仅面向专业投资者，其上市文件可以省略关于销售对象限制的声明。

III. 根据证监会指引，此类债券被认为不适合向散户投资者进行推介或销售。

IV. 债券上市后，联交所将负责全面监控并审批其在二级市场向散户投资者的每一笔销售。

A. I,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

Investment bank "Alpha Capital" is assisting an international corporation in preparing to issue a batch of senior unsecured bonds to professional investors in Hong Kong under the Main Board Listing Rules. As the project lead, Mr. Zhang must ensure the issuance complies with regulatory requirements. Which of the following are key rules he must note?

I. The listing document for these bonds must be published on the day they are officially listed for trading.

II. Since the bonds are targeted solely at professional investors, the listing document may omit a statement regarding restrictions on the target investor base.

III. According to SFC guidance, such bonds are considered unsuitable for promotion or sale to retail investors.

IV. After listing, the Exchange will be responsible for fully monitoring and approving every secondary market sale of these bonds to retail investors.

A. I,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 155 题

“启明资管”作为全权委托账户管理人，将其客户的交易交由“迅捷经纪”执行，并从“迅捷经纪”处收取现金回佣。根据规定，为合规收取此类金钱回佣，“启明资管”必须履行以下哪些义务？

I. 在其与客户签订的委托协议中，披露收取回佣的做法并获得客户的书面同意。

II. 确保“迅捷经纪”向客户账户收取的交易佣金率，不高于市场一般提供全面服务的经纪的佣金率。

III. 至少每半年一次（或在每份成交单据中），向客户披露所收取回佣及其大概价值。

IV. 在销售任何投资产品前，向客户披露冷静期内撤销认购可能扣除的合理行政费用。

A. I,II

B. I,II,III

C. I,III,IV

D. II,III,IV

对照版英文：

"Dawn Asset Management," acting as a discretionary account manager, places its clients trades with "Quick Broker" for execution and receives cash rebates from "Quick Broker." According to the rules, which obligations must "Dawn Asset Management" fulfill to compliantly receive such monetary rebates?

I. Disclose the practice of receiving rebates and obtain written client consent in its discretionary management agreement.

II. Ensure the transaction commission rate charged by "Quick Broker" to client accounts is not higher than that charged by a typical full-service broker in the market.

III. Disclose the rebates received and their approximate value to clients at least semi-annually (or in each contract note).

IV. Disclose to clients before selling any investment product the reasonable administrative fees that may be deducted if they cancel during the cooling-off period.

A. I,II

B. I,II,III

C. I,III,IV

D. II,III,IV

第 156 题

“第一资本管理”（持牌法团，第9类）为其管理的基金进行了大量非中央结算场外衍生工具交易。根据相关风险纾减规定，该公司在以下哪些方面必须建立并执行有效的政策与程序？

I. 确保在每笔此类交易执行前，与对手方签订一份载明所有重要条款的书面主协议。

II. 每月与所有交易对手方交换投资组合估值报告，并对差异进行对账和解决。

III. 在估值模型中引入内部主观调整参数，以更“灵活”地反映管理层的市场观点。

IV. 与机构对手方事先约定，若双方对某笔交易的估值持续存在分歧超过5个工作日，则将启动指定的争议解决程序。

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

"First Capital Management" (a licensed corporation, Type 9) executes numerous non-centrally cleared OTC derivative transactions for the funds it manages. According to the relevant risk mitigation rules, in which aspects must the firm establish and implement effective policies and procedures?

I. Ensure a written master agreement specifying all material terms is signed with the counterparty before each such transaction is executed.

II. Exchange portfolio valuation reports with all counterparties monthly and reconcile and resolve any discrepancies.

III. Introduce internal subjective adjustment parameters into the valuation model to more "flexibly" reflect managements market views.

IV. Agree in advance with institutional counterparties that if a valuation discrepancy for a transaction persists for more than 5 business days, a designated dispute resolution process will be initiated.

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 157 题

关于香港持牌法团根据《场外衍生工具汇报规则》履行汇报义务，以下哪些陈述是正确的？

I. 持牌法团必须先注册成为香港交易资料储存库的会员，才能通过其电子系统提交交易资料。

II. 对于一笔新达成的利率互换交易，持牌法团必须在交易达成当日（T+0）结束前，提交所有必须的交易资料。

III. 一家因架构重组而不再符合豁免资格的持牌法团，必须在资格失效当日，立即开始汇报其所有未完结的场外衍生工具交易。

IV. 对于一份尚未到期的外汇远期合约，持牌法团需要每日提交其估值资料，并在合约条款发生修改时，汇报该修改事件。

A. I,IV

B. I,II,III

C. II,III

D. II,III,IV

对照版英文：

Regarding the reporting obligations of Hong Kong licensed corporations under the Over-the-Counter Derivatives Reporting Rules, which of the following statements are correct?

I. A licensed corporation must first register as a member of the Hong Kong Trade Repository before it can submit transaction data through its electronic system.

II. For a newly executed interest rate swap transaction, the licensed corporation must submit all required transaction data by the end of the trade date (T+0).

III.  A licensed corporation that loses its exemption status due to a restructuring must immediately begin reporting all its outstanding OTC derivative transactions on the day its status is lost.

IV. For a foreign exchange forward contract that has not yet matured, the licensed corporation needs to submit its valuation data daily and report any modification events that affect the contracts terms.

A. I,IV

B. I,II,III

C. II,III

D. II,III,IV

第 158 题

香港持牌法团“亚太证券”为一家位于海外的“环球金融国际银行”提供交易执行和清算服务（即“受代理机构”）。考虑到对最终客户信息掌握有限，为管理风险，“亚太证券”应采取以下哪些额外步骤？

I. 对作为受代理机构的“环球金融国际银行”进行客户尽职审查。

II. 对那些能够直接使用“亚太证券”所提供代理账户的“环球金融国际银行”的相关客户进行客户尽职审查。

III. 仅在建立代理关系时进行一次尽职审查，之后无需定期复核，以降低运营成本。

IV. 定期监察和复核在相关尽职审查中取得的关于受代理机构及其相关客户的资料。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

Hong Kong licensed corporation “Asia-Pacific Securities” provides trade execution and clearing services to an overseas-based “Global Finance International Bank” (the “correspondent”). Given limited information on the underlying clients, which additional steps should “Asia-Pacific Securities” take to manage risks?

I. Conduct customer due diligence on the correspondent, “Global Finance International Bank.”

II. Conduct customer due diligence on the relevant clients of “Global Finance International Bank” who can directly use the provided correspondent accounts.

III. Perform due diligence only once when establishing the relationship, with no need for periodic review to reduce operational costs.

IV. Periodically monitor and review the information obtained during the relevant due diligence regarding the correspondent and its relevant clients.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 159 题

一家专注于基因疗法研发的生物科技公司“基因前沿”计划在香港主板上市。公司成立三年，由同一核心管理团队领导，目前暂无主营业务收入且处于亏损状态，其研发管线估值预计使上市时市值达到18亿港元。关于该公司作为生物科技公司的特殊上市要求，以下哪几项陈述是正确的？

I. 该公司须在大致相同的管理层领导下具备至少两年的营业纪录。

II. 该公司必须通过“盈利测试”或“市值/收益测试”等定量财务测试。

III. 该公司上市时的总市值须至少达到15亿港元。

IV. 计算公众持股量时，基石投资者认购的股份可计入公众持股部分。

A. I,II,III

B. I,II,IV

C. I,III

D. II,III,IV

对照版英文：

A biotech company specializing in gene therapy, "GeneFrontier", plans to list on the Hong Kong Main Board. The company has been operating for three years under the same core management team, currently has no main business revenue and is in a loss-making position. Its R&D pipeline valuation is expected to give it a market capitalization of HK$1.8 billion at listing. Regarding the special listing requirements for this company as a biotech issuer, which of the following statements are correct?

I. The company must have a track record of at least two years under substantially the same management.

II. The company must pass quantitative financial tests such as the "Profit Test" or the "Market Capitalisation/Revenue Test".

III. The companys market capitalization at listing must be at least HK$1.5 billion.

IV. For calculating public float, shares subscribed by cornerstone investors can be included in the public float portion.

A. I,II,III

B. I,II,IV

C. I,III

D. II,III,IV

第 160 题

一家持牌资产管理公司因内部系统故障，意外违反了《财政资源规则》中关于报告制度的某项具体规定（非最低资金要求）。公司合规总监发现后，需要确定应遵循的报告与后续程序。根据相关规则，以下哪些说法是正确的？

I. 公司必须在知悉违规的一个营业日内，向证监会提交书面通知。

II. 公司必须立即停止所有受规管活动，直至证监会进行书面许可。

III. 若证监会合理相信该公司无法符合资金规定，有权暂时吊销其牌照或附加条件准许其经营。

IV. 在违反《财政资源规则》的情况下，未经证监会许可继续进行交易，该公司可能构成犯罪。

A. I,II,III

B. I,III,IV

C. II,III,IV

D. I,II,IV

对照版英文：

A licensed asset management company inadvertently breached a specific reporting provision (not the minimum capital requirement) in the Financial Resources Rules due to an internal system failure. After discovering this, the Chief Compliance Officer needs to determine the required reporting and follow-up procedures. According to the relevant rules, which of the following statements are correct?

I. The company must notify the SFC in writing within one business day of becoming aware of the breach.

II. The company must immediately cease all regulated activities until the SFC provides written permission.

III. If the SFC reasonably believes the company cannot meet the capital requirement, it has the power to temporarily suspend its license or allow it to operate subject to conditions.

IV. Conducting business without the SFCs permission while in breach of the Financial Resources Rules may constitute a criminal offense for the company.

A. I,II,III

B. I,III,IV

C. II,III,IV

D. I,II,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141题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为通过关联账户进行意图对倒、没有真实转移受益所有权的交易，以制造某证券交投活跃的虚假或误导性表象，这涉嫌构成虚假交易。

II正确，因为编造并传播关于上市公司的、在关键事实上存在虚假陈述或误导性遗漏的信息，意图影响股价并诱使交易，这涉嫌构成披露虚假或具误导性的资料以诱使进行交易。

III正确，因为在尾盘时段通过连续高价申报买入来主动推高证券收盘价格，扭曲了正常的市场价格发现机制，这涉嫌构成操纵证券市场或操控价格的行为。

IV错误，因为向内部上级汇报交易策略属于公司内部管理沟通范畴。该汇报行为本身并非一种干扰市场秩序的行为模式，不构成独立的市场失当行为。
课文原文（题目对应的知识点）：
市场失当行为是指：

(a) 内幕交易；

(b) 虚假交易；

(c) 操控价格；

(d) 披露关于受禁交易的资料；

(e) 披露虚假或具误导性的资料以诱使进行交易；或

(f) 操纵证券市场。

以上每一项市场失当行为形式在《证券及期货条例》中大致相同。
英文解析：
I correct, because conducting wash trades through related accounts without a genuine transfer of beneficial ownership, to create a false or misleading appearance of active trading in a security, is a typical element of false trading.

II correct, because fabricating and disseminating information about a listed company that contains false statements or misleading omissions on key facts, with the intent to influence its share price and induce trading, aligns with the definition of disclosing false or misleading information to induce transactions.

III correct, because actively pushing up the closing price of a security through continuous high-priced buy orders during the closing period distorts the normal market price discovery mechanism. This conduct is characteristic of stock market manipulation or price rigging.

IV incorrect, because reporting a trading strategy to an internal superior falls within the scope of internal management communication. The act of reporting itself is not a pattern of conduct that disrupts market order and does not constitute an independent act of market misconduct.

第142题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为条例规定，结构性产品必须上市或获证监会认可，方可向香港公众发售。

II错误，因为条例明确规定，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，条件并非固定不变。

III正确，因为条例要求必须有一名获证监会核准的联络人，且实践中该人通常需就第1类或第4类活动持牌。

IV正确，因为条例规定，证监会如不信纳认可某产品是符合投资大众的利益，可拒绝认可。
课文原文（题目对应的知识点）：
结构性产品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：它必须是(i)在联交所上市，或(ii)根据《证券及期货条例》，获证监会认可。获授予认可是目前最普遍采用的途径。

《证券及期货条例》阐明：证监会可在它认为适当的情况下，应任何人向该会提出的申请，认可任何结构性产品。此项权力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结构性产品收取证监会发出的通知及决定的核准人士。在实际中，证监会要求有关人士须就第 1 类（证券交易）或第 4 类（就证券提供意见）受规管活动获发牌或注册。必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。

如证监会拒绝认可某结构性产品，或拒绝核准某人为核准人士，它必须提供理由。《证券及期货条例》亦规定，证监会如不信纳认可某结构性产品是符合投资大众的利益，可拒绝认可该产品。

证监会对认可结构性产品的特定规定载列于《非上市结构性投资产品守则》。
英文解析：
I correct, because the Ordinance stipulates that a structured product must be listed or SFC-authorized before being offered to the Hong Kong public.

II incorrect, because the Ordinance explicitly states that the SFC may grant authorization under “any other conditions it deems appropriate,” which are not limited to fixed conditions.

III correct, because the Ordinance requires an SFC-approved contact person, who in practice is typically licensed for Type 1 or Type 4 activities.

IV correct, because the Ordinance allows the SFC to refuse authorization if it is not satisfied that it is in the interest of the investing public.

第143题答案：
A
大屿老师（大屿surepass）解析：
I 正确，因为将信用报告上传至公开网站供免费查阅，是以向公众散发为目的而拟备评级的行为。

II 错误，因为该信用评分卡纯粹为银行内部使用，无任何对外提供的目的或可预期的散发。

III 正确，因为向付费会员定期分发信用评级分析，是以订阅方式分发评级为目的而拟备评级的行为。

IV 错误，因为该信用尽职调查报告是受特定客户委托制作的保密文件，仅用于该客户的内部决策，无向公众或通过订阅方式分发的目的。
课文原文（题目对应的知识点）：
“提供信贷评级服务”定义为在：

(a) “以向公众（不论在香港或其他地方）散发信贷评级为目的之情况下，或信贷评级会如此散发的合理期望下，拟备该等信贷评级；或

(b) 以订阅方式（不论在香港或其他地方）分发信贷评级为目的之情况下，或信贷评级会如此分发的合理期望下，拟备该等信贷评级。”
英文解析：
I is correct because uploading the credit report to a public website for free access constitutes preparing a rating for the purpose of disseminating it to the public.

II is incorrect because the credit scoring card is purely for internal bank use, with no purpose or expectation of external provision or dissemination.

III is correct because sending credit rating analysis to paying members on a regular basis constitutes preparing ratings for the purpose of distributing them by subscription.

IV is incorrect because the credit report is a confidential document commissioned by a specific client for its internal use only, with no purpose of dissemination to the public or distribution by subscription.

第144题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为根据信托安排设立的集体投资计划（如单位信托）必须有受托人。

II正确，因为以公司形式设立的集体投资计划（如互惠基金公司）必须有保管人。

III错误，因为受托人的具体职责主要载列于计划的组成文件（如信托契据），并须反映证监会规定，而非直接由《证券及期货条例》详细规定。

IV正确，因为适用于受托人/保管人的规定主要载列于《单位信托守则》，并反映在组成文件中，以确保计划的认可地位。
课文原文（题目对应的知识点）：
受托人／保管人担当重要角色，负责保障认可集体投资计划的资产及运作。根据

信托安排设立的集体投资计划（例如单位信托）必须有受托人。以公司形式设立

的集体投资计划（例如互惠基金公司）必须有保管人。

集体投资计划的组成文件载列他们的特定职责—信托契据（就受托人而言）以及

保管人协议书及／或管理协议书（就保管人而言）。该等文件将须反映适用于受

托人／保管人的证监会规定，让集体投资计划能够取得及维持其认可地位—该

等规定载列于《单位信托守则》。

附注：此外，预期受托人将根据适用的信托法履行职务。
英文解析：
I correct, because a collective investment scheme established under a trust arrangement (e.g., a unit trust) must have a trustee.

II correct, because a collective investment scheme established in corporate form (e.g., a mutual fund corporation) must have a custodian.

III incorrect, because the trustees specific duties are primarily set out in the schemes constitutive documents (e.g., the trust deed), which must reflect SFC requirements, not directly detailed by the Securities and Futures Ordinance.

IV correct, because the requirements applicable to trustees/custodians are primarily set out in the Code on Unit Trusts and Mutual Funds and reflected in the constitutive documents to ensure the schemes authorized status.

第145题答案：
C
大屿老师（大屿surepass）解析：
I. 正确。直接从事杠杆式外汇交易，需要申请第3类受规管活动牌照。

II. 不正确。仅作为介绍人（即核准介绍代理人）从事杠杆式外汇交易的业务介绍，同样需要持有第3类牌照，尽管其业务模式与风险不同。

III. 正确。如果所从事的活动属于法定豁除情况，则无需申请该活动的牌照。

IV. 正确。核准介绍代理人确实需要第3类牌照，并且其资本规定低于直接交易的交易商。
课文原文（题目对应的知识点）：
杠杆式外汇交易商

有意从事杠杆式外汇交易的法团须向证监会申请及取得第 3 类牌照。获豁免领取牌照的人士为从事获豁免交易的人士。

核准介绍代理人

核准介绍代理人仅担当介绍人，将客户的买卖盘转交予其他交易商。介绍代理人并不持有或控制客户的资产或处理委托帐户（或称“全权委托帐户”）。因此，他们的资本规定较杠杆式外汇交易商为低，但他们亦须持有第 3 类牌照。
英文解析：
I. Correct. Directly engaging in leveraged foreign exchange trading requires a license for Type 3 regulated activity.

II. Incorrect. Acting solely as an introducer (i.e., an approved introducing agent) for leveraged foreign exchange business also requires holding a Type 3 license, even though its business model and risks differ.

III. Correct. If the activities engaged in fall under statutory exclusions, a license for that activity is not required.

IV. Correct. Approved introducing agents do indeed require a Type 3 license, and their capital requirements are lower than those of direct dealing traders.

第146题答案：
C
大屿老师（大屿surepass）解析：
I. 不正确。认可财务机构在为零售客户提供杠杆式外汇交易服务时，通常因其已受金管局规管而获得豁除，无需向证监会额外申请第3类牌照。

II. 正确。认可财务机构从事外汇交易（包括银行同业业务）时，确实因其受金管局规管而获得豁除，不受证监会针对非银行机构的特定杠杆式外汇交易发牌制度管辖。

III. 不正确。认可财务机构可以从事杠杆式外汇交易业务，但其规管责任主要在于金管局，而非证监会的专门牌照制度。

IV. 正确。这准确描述了认可财务机构基于其受金管局规管的地位而获得的豁除效果：可以从事相关活动，而无须额外取得证监会的对应牌照。
课文原文（题目对应的知识点）：
认可财务机构

认可财务机构受金管局规管，从事大量银行同业外汇业务、为各类客户进行外汇交易，以及为零售客户进行杠杆式外汇交易。认可财务机构获豁免遵守证监会的持牌规定，且自证监会杠杆式外汇交易规管制度开始实施起便不受该制度的司法管辖权所限。认可财务机构继续根据《证券及期货条例》获得有关豁免。
英文解析：
I incorrect. When authorized financial institutions provide leveraged foreign exchange trading services to retail clients, they are generally exempt due to their existing regulation by the Hong Kong Monetary Authority (HKMA), and are not required to apply for an additional Type 3 Licence from the Securities and Futures Commission (SFC).

II correct. When authorized financial institutions conduct foreign exchange transactions (including interbank businesses), they are indeed exempt by virtue of their regulation by the HKMA, and are not subject to the SFC’s specific licensing regime for leveraged foreign exchange dealers that applies to non-bank institutions.

III incorrect. Authorized financial institutions are permitted to engage in leveraged foreign exchange trading businesses, but the primary regulatory responsibility for such activities rests with the HKMA, rather than the SFC’s specific licensing regime.

IV correct. This accurately describes the effect of the exemption granted to authorized financial institutions by virtue of their regulated status under the HKMA: they may conduct relevant activities without the need to obtain the corresponding licences from the SFC additionally.

第147题答案：
A
大屿老师（大屿surepass）解析：
I. 正确。对于专业投资者，续期没有期限限制，续期4年是允许的。

II. 正确。通过发出书面通知（并规定若客户未反对则自动续期）是法定的续期方式之一，通知中必须包含此内容。

III. 正确。规则明确规定，在“当作已续期”（即自动续期）的情况下，中介人须在授权届满日期后的一星期内提供续期确认书。

IV. 不正确。说法不准确。对于专业投资者，续期确实“没有期限限制”或“可为任何期限”，但这仍然是一个有具体期限的续期，而非“永久”。法律和商业实践中，授权通常被理解为有特定期限的法律安排，“永久”意味着无限期，这与设立“有效期”和“续期”机制的逻辑不符。规则允许长期限，但并非永久。
课文原文（题目对应的知识点）：
续期

常设授权可于有效期届满前的任何时候续期或当作已续期，而每次续期不得超过 12 个月（如为专业投资者，续期并无期限），方法为：

(a) 应客户书面要求；或

(b) 在有效期届满前的 14 日之前，由中介人或有联系实体向客户发出书面通知，提醒该客户该授权的有效期即将届满，并通知该客户除非他提出反对，否则该授权会按相同条款续期，续期期间为该授权的相等期间，或以不超过 12个月的期间续期（如原本的有效期有特定期限，则专业投资者的续期期间可为任何期限）。在上述第二种当作已续期的情况下，有关中介人或有联系实体须在该授权届满日期后的一星期内，提供该授权续期的确认书。
英文解析：
I Correct. For professional investors, there is no limit on the renewal period, so a 4-year renewal is permitted.

II Correct. Renewal by sending a written notice (stating that it will be renewed unless the client objects) is one of the statutory renewal methods, and the notice must include such content.

III  Correct. The rules clearly state that in the case of "deemed renewal" (i.e., automatic renewal), the intermediary must provide a renewal confirmation within one week after the expiry date of the authorization.

IV Incorrect. This statement is inaccurate. While it is true that for professional investors, renewal "has no duration limit" or "may be for any period," it still refers to a renewal with a specific duration, not "permanent." In legal and commercial practice, authorizations are generally understood as arrangements with specific terms. "Permanent" implies an indefinite duration, which is inconsistent with the logic of establishing an "effective period" and a "renewal" mechanism. The rules allow for long periods but not permanent ones.

第148题答案：
B
大屿老师（大屿surepass）解析：
I. 正确。除非另有书面协定，因持有客户款项而产生的利息应归客户所有，这是基本原则。

II. 正确。规则要求，若发现独立账户中持有非客户款项，须在一个营业日内将该款项从账户中移出。

III. 不正确。规定的报告时限是“察觉后的一个营业日内”，而非三个营业日。

IV. 正确。关于客户款项的常设授权规定，在续期方式及对专业投资者的简化规定方面，确实与客户证券及抵押品的规定完全相同。
课文原文（题目对应的知识点）：
按照常设授权支付款项，须遵守持牌法团或有联系实体不得从所收取的或在独立帐户内持有的客户款项提取款项的义务。

除非另有书面协定，否则因持有客户款项而收取的利息，基本上应拨归客户。

关于常设授权的规定，与客户证券与证券抵押品的常设授权规定完全相同，包括由持牌法团发出续期通知及简化对专业投资者所设的规定。

持牌法团或有联系实体如察觉在独立帐户内持有任何并非客户款项的款项，须于察觉有关情况后的一个营业日内，从该帐户发放该款额。

持牌法团或有联系实体如察觉本身未有遵照规定开立独立帐户、将款项存入独立帐户或将款项保留在独立帐户，须于察觉未有遵照有关规定后的一个营业日内向证监会报告。

持牌法团或有联系实体如无合理辩解或意图诈骗而未有按指明方式将款项存入独立帐户，或自独立帐户支出款项，即属犯罪，一经定罪，可处罚款及监禁。
英文解析：
I Correct. Unless otherwise agreed in writing, interest accrued from holding client money should belong to the client. This is a fundamental principle.

II Correct. The rules require that if any money not constituting client money is found to be held in a segregated account, it must be withdrawn from that account within one business day.

III  Incorrect. The stipulated reporting deadline is “within one business day” of discovery, not three business days.

IV Correct. The provisions concerning standing authorizations for client money, including renewal by notice and simplified requirements for professional investors, are indeed identical to those for client securities and collateral.

第149题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为公司自营与客户交易存在利益冲突，需通过信息隔离等措施管理。

II正确，因为研究独立性与投行商业利益存在冲突，需建立控制机制确保报告客观。

III错误，按序执行是公平交易规则，但非题目所指的需采取应对措施的冲突情景。

IV正确，因为销售激励在客户与公司间制造利益冲突，必须予以披露和管理。
课文原文（题目对应的知识点）：
持牌人或注册人应尽量避免在以下人士之间可能出现的利益冲突：

(a) 两名客户之间；及／或

(b) 客户与持牌人或注册人或其职员。

该等冲突可能在各种情况下出现,《操守准则》的处理方法如下：

(a) 避免与处理客户交易指示有关的冲突；

(b) 倘出现实际或潜在且不可避免的冲突时,持牌人或注册人须采取的行动；

(c) 因持牌人或注册人的回佣及非金钱利益的做法而产生的潜在冲突事宜；及

(d) 因编制及发出研究报告而产生的潜在冲突。
英文解析：
I correct, because conflicts exist between proprietary and client trading, requiring management via measures like information barriers.

II correct, because a conflict exists between research independence and investment banking interests, requiring controls to ensure objectivity.

III incorrect, sequential execution is a fair trading rule, not a conflict scenario requiring responsive measures as per the question.

IV correct, because sales incentives create a conflict between client and firm interests, which must be disclosed and managed.

第150题答案：
B
大屿老师（大屿surepass）解析：
I错误，成为指数成份股是初始资格条件，但后续若未能持续符合条件（如被实施风险警示）可能被限制买入。

II正确，对于有H股同时在联交所上市的A股，是另一类合资格证券，无需满足关于指数成份股的市值、成交额等具体考察条件。

III正确，合资格A股若被实施风险警示，可能被指定为“只供卖出”的证券，从而被暂停买入。

IV正确，因为成份股在过去6个月停牌天数占交易天数50%或以上是明确的资格否定条件，此项在持续评估中同样适用。
课文原文（题目对应的知识点）：
在上交所以人民币交易的上市 A 股如属以下类别，则符合资格可透过沪港通进

行北向交易︰

(a) 于相关考察中符合所有资格准则的上证 A 股指数成份股；或

附注：有关资格准则如下：

(i) 有关成份股于过去 6 个月的日均市值须达至少 50 亿人民币；

(ii) 有关成份股于过去 6 个月的日均成交额须达至少 3,000 万人民

币；

(iii) 有关成份股于过去 6 个月在任何上交所市场的停牌天数不得占

交易天数的 50%或以上；及

(iv) 如有关成份股亦为具有表决权差异安排的公司股票，则亦须符合

额外条件，惟有关条件并不在本课程范围内。

(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所有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。
英文解析：
I incorrect. Being an index constituent is an initial qualification condition. However, if the stock subsequently fails to meet ongoing conditions (e.g., being placed under risk warning), purchase may be restricted.

II correct. For an A-share that also has an H-share listed on the HKEX, it qualifies as another category of eligible security and does not need to meet the specific screening criteria (like market cap and turnover) required for index constituents.

III correct. If an eligible A-share is placed under risk warning, it may be designated as a “sell-only” security, leading to a suspension of purchases.

IV correct. This is because a constituent stock whose trading suspension days account for 50% or more of the total trading days in the past six months is a clear disqualifying criterion, and this requirement shall also apply to the ongoing review process.

第151题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为资金流通性风险的定义即为某产品不能在无重大损失的情况下于短期内变现，或某人无法于短期内偿还债务所引致的风险。

II正确，因为高级管理层应就某特定产品、市场及业务上的交易对手，按照资金流通性风险政策，制定、监察及执行有关风险集中程度的规定。

III错误，因为运作风险包括因错误、遗漏、效率欠佳及疏忽而可能蒙受损失的风险，并且“欺诈行为亦被列为运作风险”，尽管这颇具争议性。

IV正确，因为高级管理层应定期检讨公司的运作，以确保公司因欺诈、错误、遗漏及其他运作及监察事宜而须承担财政或其他方面的损失的风险，都能够得到妥善的管理，包括制定有效的业务延续计划。
课文原文（题目对应的知识点）：
资金流通性风险是指某产品不能在无重大损失的情况下于短期内变现，

或因市场流通性不足而无法出售，或某人无法于短期内偿还债务所引致的风险。

高级管理层应就某特定产品、市场及业务上的交易对手，按照资金流通性风险政

策，制定、监察及执行有关风险集中程度的规定，并制定适当的处理失责的程序。

运作风险可指中介人因运作上或在遵守适用的法律及规例方面的

错误、遗漏、效率欠佳及疏忽而可能蒙受损失的风险。欺诈行为亦被列为运作风险，但这颇具争议性，因欺诈不能透过实

施内部监控而完全避免。高级管理层应定期检讨公司的运作，以确保公司因欺

诈、错误、遗漏及其他运作及监察事宜而须承担财政或其他方面的损失的风险，

都能够得到妥善的管理，包括制定有效的业务延续计划及投购足够的保险。
英文解析：
I correct, because funding liquidity risk is defined as the risk that a product cannot be liquidated without significant loss in the short term or that a person cannot repay short-term debts.

II correct, because senior management should establish, monitor, and enforce risk concentration limits for specific products, markets, and counterparties per the funding liquidity risk policy.

III incorrect, because operational risk includes the risk of loss from errors, omissions, inefficiency, and negligence, and “fraud is also classified as an operational risk,” albeit controversially.

IV correct, because senior management should regularly review operations to ensure risks from fraud, errors, omissions, and other operational and monitoring issues are properly managed, including by developing business continuity plans.

第152题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为公司可取得禁制令以制止董事的失职行为，防止未来发生同类违规。

II正确，因为如董事未在代表公司订立的合约中披露个人权益，公司有权选择取消该合约。

III错误，因为所有已违反职责行事的董事须共同及个别地承担赔偿责任，但“其他不知情的董事无须承担连带责任”的表述本身正确，不过整个选项的复合表述可能暗示王先生是唯一责任人的片面观点，与材料强调的“所有违反职责董事”负责的原则不完全契合。

IV正确，因为董事如因处置公司财产获得不当利益，必须将这些利益交代给公司。
课文原文（题目对应的知识点）：
上述施加在董事的受信及法定责任代表两类对董事的法律责任来源，董事也须

额外负上根据其他个别法定条文施加于其的特定责任，例如：《公司（清盘及杂

项条文）条例》载有就认可发行的招股章程中包含不正确的陈述，会对

董事作出罚款及／或监禁。当董事违反《公司条例》的严格规定，如要求董事拟

备财政报表，但未能这么做时，法律责任亦将呈现。因此，董事了解施加在他们

的一般及特定责任是重要的，且如何适当地履行这些责任，以符合其作为董事

的角色及处理董事面对的法律责任。

公司可对董事的失职行为采取以下补救措施：

(a) 可取得禁制令制止有关行为。

(b) 如董事并无在代表公司订立的合约中披露个人权益，则公司可选择取消该

合约（即解约）。

(c) 所有已违反职责行事的董事，须共同及个别地对公司的损害赔偿承担责任。

(d) 如董事因处置公司财产而获得不当利益，须就这些利益向公司作出交代。
英文解析：
I correct, because the company may obtain an injunction to restrain the directors misconduct.

II correct, because if a director fails to disclose a personal interest in a contract made on the companys behalf, the company may choose to rescind the contract.

III incorrect, because all directors who have breached their duties are jointly and severally liable for damages. The statement that "other unaware directors bear no liability" is true in itself, but the combined phrasing may imply a narrow view inconsistent with the principle that all breaching directors are responsible.

IV correct, because a director must account to the company for any improper benefits obtained from dealing with company property.

第153题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为发行人上市后，可通过供股、公开招股、资本化发行及代价发行等多种方式发行新股。
II错误，因为规则规定，供股及公开招股需遵守额外披露规定，并且须获得少数股东的批准。
III正确，因为规则明确指出，为防止滥用及损害少数股东权益，对可能涉及大幅价格折让的集资方式（如供股）订有若干限制。
IV错误，因为联交所可能规定若干人士（如关联方）须放弃就有关建议投票，这是其监管权力的一部分。
课文原文（题目对应的知识点）：
发行人一旦上市，新股份亦可透过下列任何方法上市，而部分方法会涉及增加发行人的股本：

(a) 供股；

(b) 公开招股；

(c) 资本化发行；

(d) 代价发行；

(e) 交换证券或取代原证券；

(f) 由 GEM 转往主板上市；及

(g) 其他方式。

然而，由于该等方法可能遭到滥用，譬如透过可能损害少数股东权益以及与公平及有秩序市场不相符的大幅价格折让集资活动而进行，故此《上市规则》对采用该等方法订立若干限制。例如，供股及公开招股须遵守额外披露规定、须获得少数股东批准，且联交所可能规定若干人士须放弃就有关建议投票。
英文解析：
I correct. After listing, an issuer may issue new shares through various methods, including rights issues, public offerings, capitalisation issues and consideration issues.

II incorrect. The rules stipulate that rights issues and public offerings are subject to additional disclosure requirements, and must obtain the approval of minority shareholders.

III correct. The rules clearly state that to prevent abuse and protect the interests of minority shareholders, a number of restrictions are imposed on capital-raising methods that may involve substantial price discounts (e.g., rights issues).

IV incorrect. The Stock Exchange may require certain parties (e.g., related parties) to waive their voting rights on the relevant proposals, which is part of its regulatory powers.

第154题答案：
A
大屿老师（大屿surepass）解析：
I正确，因为《主板上市规则》规定，此类债务证券的上市文件需要在上市当日刊发。

II错误，因为规则要求上市文件必须包含声明，表明该证券仅供专业投资者购买，不能省略。

III正确，因为证监会已表明此类证券不适合售予散户投资者。

IV错误，因为《上市规则》未涵盖二级市场销售监控，且联交所监控此类销售的能力有限。
课文原文（题目对应的知识点）：
《主板上市规则》为多项债务工具提供上市指引。其中提供有关仅向香港专业投资者（定义见《证券及期货条例》—有关专业投资者的讨论）及其他根据当地相关法律可获豁免的同类海外投资者发行债务证券的规定。上市文件需要在上市当日刊发。

《主板上市规则》并未提及于二级市场买卖所述的证券的问题，因联交所监控场外二级市场发售事宜上的能力相当有限。然而，受《证券及期货事务监察委员会持牌人或注册人操守准则》规管的持牌人须确保其向散户投资者（及若干类别的非机构专业投资者）推荐的产品适合该等投资者进行投资。就此，证监会已表明，所述的证券仅以专业投资者为销售对象，并不适合售予散户投资者。因此，规定上市文件必须载有只限分发予专业投资者的声明及显示该等证券只拟供专业投资者购买的声明。这应有助持牌中介人进行合适性评估。
英文解析：
I correct, because the Main Board Listing Rules require the listing document for such debt securities to be published on the listing day.

II incorrect, because the rules require the listing document to contain a statement indicating the securities are intended for professional investors only; it cannot be omitted.

III correct, because the SFC has stated that such securities are unsuitable for sale to retail investors.

IV incorrect, because the Listing Rules do not cover secondary market sales monitoring, and the Exchanges ability to monitor such sales is limited.

第155题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为规定要求须就收取回佣的做法作出披露，并获客户以书面方式同意。

II正确，因为规定要求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。

III正确，因为规定要求中介人须至少每年两次或在每份成交单据内向客户提供回佣及其大概价值的资料。

IV错误，此项是关于冷静期退款时扣除行政费用的披露要求，与收取经纪执行交易的现金回佣这一情境无关。
课文原文（题目对应的知识点）：
有关收取金钱或现金回佣的规定如下：

(a) 持牌人或注册人须就其收取回佣的做法作出披露,并获客户以书面方式同

意其收取及保留有关回佣；而有关披露及同意可以在客户协议或其他投资

管理协议上载列。此外,持牌人或注册人应至少每年一次向其客户披露所收

取物品及服务的详情；

(b) 有关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；

及

(c) 中介人已就回佣及其大概价值向客户作出披露；而有关资料须至少每年两

次或在每份成交单据内向客户提供。

如客户根据投资产品设有的冷静期机制行使其权利,则应尽快执行客户的指示,

并向客户发还包括任何销售佣金（此涵盖持牌人或注册人就该交易而保留的任

何销售佣金）在内的全额退款。持牌人或注册人可扣除合理的行政费用,惟须在

销售时或在销售前向客户披露,及不应包含任何边际利润。
英文解析：
I correct, because rules require disclosure of the practice of receiving rebates and obtaining written client consent.

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

III correct, because rules require the intermediary to provide information on rebates and their approximate value to clients at least twice a year or in each contract note.

IV incorrect, this requirement pertains to disclosure of administrative fee deductions for cooling-off period cancellations, which is unrelated to the scenario of receiving cash rebates from brokers for trade execution.

第156题答案：
B
大屿老师（大屿surepass）解析：
I正确，规定要求在订立交易前或之际，以书面妥善记录交易关系及所有重要条款。

II正确，规定要求政策及程序应确保定期与对手方互换重要条款及进行估值对账。

III错误，规定要求估值方法应能产生可预计及客观的结果，并以客观准则为基础。引入内部主观调整违背了客观性要求。

IV正确，规定要求制订有关处理争议的政策及程序，包括就何时视作争议及如何解决与对手方协定的程序。
课文原文（题目对应的知识点）：
持牌法团应确保在订立非中央结算场外衍生工具交易之前或之际,以书面妥善

记录与对手方的交易关系。所有重要条款应反映在该书面协议。

订立交易后,应在切实可行的范围内尽快以书面方式确认交易的重要条款,以提

高该交易在法律上的确定性及使各方负上具法律约束力的责任。

持牌法团与其对手方应协定并于上述书面文件（即关系文件或交易确认）反映厘

定非中央结算场外衍生工具价值的方法及程序。以该经协定的方法进行估值,不

论是基于持牌法团拥有的专有模式或第三方拥有的模式,应能产生可预计及客

观的结果,并以客观准则（例如经济上类似的交易）为基础。

对非中央结算场外衍生工具有重大风险承担的持牌法团亦应考虑任何市况变化

对经协定的估值程序所造成的影响,就此及就估值其他方面而进行的过程应获

妥善地以文件记录。

持牌法团的政策及程序应确保定期与对手方互换重要条款及进行估值对帐。

持牌法团应制订有关与对手方（属个人的对手方除外）处理争议的政策及程序,

这应包括就厘定分歧应在甚么情况下视作争议以及如何解决争议而与对手方协

定的程序。
英文解析：
I correct, rules require that the trading relationship and all material terms be properly documented in writing before or upon entering into a transaction.

II correct, rules require policies and procedures to ensure regular exchange of material terms and valuation reconciliations with counterparties.

III incorrect, rules require the valuation methodology to produce predictable and objective results based on objective criteria. Introducing internal subjective adjustments violates the objectivity requirement.

IV correct, rules require establishing policies and procedures for handling disputes with counterparties, including agreed procedures for when a determination discrepancy becomes a dispute and how it is resolved.

第157题答案：
A
大屿老师（大屿surepass）解析：
I 正确。汇报必须通过由金管局操作的香港交易资料储存库的电子系统进行，而成为其会员是使用该系统的前提条件。

II 错误。一般情况下，汇报的时间要求是按“T+2”基准，即在交易事件发生后的两个营业日内作出，而非T+0。

III 错误。对于不再获豁免的持牌法团，规则给予了一定的宽限期。它最迟可以在不获豁免之日起的三个月内提交资料，而不是必须从资格失效当日立即开始。

IV 正确。汇报责任在交易未完结期间持续存在。其中，交易估值资料需要每日呈交，而任何影响未完结交易条款的后续事件也必须予以汇报。
课文原文（题目对应的知识点）：
汇报的方式和时间

所有交易资料的汇报须通过由金管局操作的香港交易资料储存库（“香港储存库”）电子汇报系统进行。必须成为香港储存库的会员才可通过该系统作出汇报。

一般情况下，汇报须按 T+2 基准，即于任何交易事件发生后的两个营业日内作出。但是，不再获豁免的持牌法团得益于可享有宽限期，可最迟于不获豁免的那一天起后的三个月内呈交资料，该等资料必须包括自宽限期开始日期或之后的交易事件。

汇报责任于该交易仍未完结期间持续存在。有关的交易估值资料须每一天呈交。任何影响未完结交易的条款及条件的事件（即其后事件）的详情将须予以汇报。
英文解析：
I is correct. Reporting must be conducted through the electronic system of the Hong Kong Trade Repository operated by the HKMA, and becoming a member is a prerequisite for using this system.

II is incorrect. The general requirement for reporting is on a T+2 basis, meaning it must be done within two business days after the trade event occurs, not T+0.

III is incorrect. For a licensed corporation that no longer qualifies for exemption, the rules provide a grace period. It may submit the required data no later than three months from the day it ceases to be exempt, rather than having to start immediately on that day.

IV is correct. The reporting obligation persists for as long as the transaction remains outstanding. Within this, valuation data must be submitted daily, and any subsequent events that affect the terms of an outstanding transaction must be reported.

第158题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为对受代理机构（本例中的海外银行）本身进行客户尽职审查是管理此类业务风险的基本要求。

II正确，因为对于能够直接使用代理账户的相关客户，由于其活动直接影响风险，也必须进行客户尽职审查。

III错误，因为指引要求“持牌法团及持牌虚拟资产服务提供者应定期监察及复核在有关尽职审查时取得的资料”，而非仅进行一次。

IV正确，因为定期监察和复核已取得的资料是持续风险管理的关键环节。
课文原文（题目对应的知识点）：
持牌法团及持牌虚拟资产服务提供者可为位于香港境外的金融机构提供各种服

务（“受代理机构”）。然而，由于持牌法团及持牌虚拟资产服务提供者就受代理

机构的相关客户及／或相关交易的性质或目的所拥有的资料通常有限，持牌法

团及持牌虚拟资产服务提供者将需要鉴于此资料不足或不完整而面对的风险采

取额外步骤。额外步骤包括对受代理机构及对能够直接使用代理户口的相关客

户进行客户尽职审查。持牌法团及持牌虚拟资产服务提供者应定期监察及复核

在有关尽职审查时取得的资料。
英文解析：
I correct, because conducting CDD on the correspondent itself is a fundamental requirement to manage risks in such relationships.

II correct, because CDD must also be performed on relevant clients who have direct access to the correspondent accounts, as their activities pose direct risks.

III incorrect, because the guidelines require licensed entities to periodically monitor and review the information obtained from due diligence, not just once.

IV correct, because periodic monitoring and review of obtained information is crucial for ongoing risk management.

第159题答案：
C
大屿老师（大屿surepass）解析：
I正确，因为规则规定生物科技公司须在大致相同的管理层领导下具备两年的营业纪录。

II错误，因为生物科技公司作为特例，无须通过任何定量财务测试（如盈利测试）。

III正确，因为生物科技公司上市时最初市值须至少达到15亿港元。

IV错误，因为规则明确指出，由基石投资者持有的股份不会计入公众持股量的部分。
课文原文（题目对应的知识点）：
营业纪录及定量测试因应各合资格被视为生物科技公司的上市申请人而异。生物科技公司指主要运用科学及技术研发、应用或商业化发展用于医疗或其他生物领域的产品的公司。

附注：生物科技公司的研发成本往往意味着该等公司有时无法产生足够的收益以赚取利润。规定的变更令未有收益的生物科技公司于此发展期间可进入公开资本市场。

生物科技公司须在大致相同的管理层领导下具备两年营业纪录规定所规限。该等公司无须通过任何定量测试，惟最初市值至少达 15 亿港元及于上市时公众持股量至少达75 亿港元。就此目的而言，由基石投资者持有的股份不会计入公众持股量的部分。

附注：基石投资者指同意认购获分配股份的投资者。他们一般为知名的投资者，及通常被用作促进对有关发售的信心。

上市申请人亦必须符合香港交易所适用于生物科技公司的合适性规定，并须受加强披露规定及附加的持续责任所规限。
英文解析：
I correct, because the rules require a biotech company to have a track record of at least two years under substantially the same management.

II incorrect, because biotech companies, as a special exception, are not required to pass any quantitative financial tests (such as the Profit Test).

III correct, because a biotech company must have an initial market capitalization of at least HK$1.5 billion at listing.

IV incorrect, because the rules explicitly state that shares held by cornerstone investors are not counted towards the public float requirement.


第160题答案：
B
大屿老师（大屿surepass）解析：
I正确，因为对于违反《财政资源规则》中非最低资金要求的“任何其他规定”，公司须在知悉后的一个营业日内书面通知证监会。

II错误，因为立即停止受规管活动的义务，是针对“未能遵守所指明的资金数额”这一特定违规情形，而非所有类型的违规。

III正确，因为当证监会合理相信持牌法团无法符合指明资金规定时，有权通过书面通知暂时吊销牌照或施加条件准许经营。

IV正确，因为任何持牌法团在违反《财政资源规则》的情况下，未经证监会许可继续进行交易，即属犯罪。
课文原文（题目对应的知识点）：
如持牌法团未能遵守《财政资源规则》所指明的资金数额，则该法团必须：

(a) 在合理切实可行的范围内尽快以书面通知证监会；及

(b) 立即停止进行任何受规管活动，但证监会所准许的情况则除外。

如持牌法团未能遵守《财政资源规则》的任何其他规定，则该法团须在知悉有关

违规的一个营业日内，以书面通知证监会。

除上文所述外，如证监会合理地相信持牌法团无法符合指明资金规定，则证监

会可藉书面通知暂时吊销该法团的牌照，或仅准许该法团在某些条件的规限下

继续经营。

任何持牌法团出现下列情况即属犯罪：

(a) 没有遵守若干证监会的财政资源规定，包括违反证监会施加的任何条件；或

(b) 在违反《财政资源规则》的情况下，未经证监会的许可继续进行交易。
英文解析：
I correct, because for breaches of “any other requirement” of the Financial Resources Rules (other than the minimum capital amount), the company must notify the SFC in writing within one business day of becoming aware.

II incorrect, because the obligation to immediately cease regulated activities applies specifically to the breach of failing to meet the “specified capital amount,” not to all types of breaches.

III correct, because when the SFC reasonably believes a licensed corporation cannot meet the specified capital requirement, it may, by written notice, temporarily suspend its license or permit it to continue operating subject to conditions.

IV correct, because any licensed corporation that continues to conduct business without the SFCs permission while in breach of the Financial Resources Rules commits an offense.