How to apply for an SFC Hong Kong Securities License?

Many students who have no experience in the securities industry feel puzzled about the procedures regarding applying for a license. This article mainly teaches students how to prepare to apply for a securities license.

First, to apply for a securities license, you need to meet the ”Guidelines on Competence” issued by the securities and futures commissions. For example, you need to pass the HKSI LE (The Licensing Examination organised by the Hong Kong Securities and Investment Institute) Paper 1. If you do not meet the exemption conditions, you need to take at least 2 other papers within 3 years. In addition to passing the papers, you must also meet the following conditions, such as creditworthiness, financial status, and whether one has a criminal record. Simply put, you should have no recent records of bankruptcy or any criminal behavior. You must also possess appropriate abilities and skills in order to be deemed suitable in entering the securities industry. If these conditions are not met, it will affect one’s career in the securities industry. 

” Guidelines on Competence “

https://www.sfc.hk/-/media/EN/assets/components/codes/files-current/web/guidelines/guidelines-on-competence/Guidelines-on-Competence.pdf

Whether you decide to look for a job or take the exams first, both decisions are actually doable without any particular order. Taking the exams first can show your sincerity towards your prospective employer and the job you’re looking to apply for; whereas finding a job first before applying to partake in the exam can ensure that your effort is not wasted. Although the two approaches do not have any particular order, they are indeed indispensable. Let’s talk about the exams first. After successfully obtaining the relevant exam results, you need to download or keep a printed copy of the score notice, and pay attention to the validity period of the score. As for finding a job, you need to find a company to hire you before you can apply for a license. Because the SFC will only process individual applications with the circumstance that that person is appointed under a company, and will not accept applications that are submitted by individuals on their own; as the individual licenses cannot be valid without a company (Principal). Therefore, to obtain a license, you should either find a job or open a company on your own. 

After passing the exam and obtaining a job, you need to check with the HR or the compliance department on what documents are required to be submitted. If you wish to be more meticulous, you can even prepare some necessary documents in advance. For example, if you want to be exempted from taking HKSI LE Papers 7-12, you will need to prepare a certificate proving your academic qualifications/work experience, you may also include a paragraph explaining how the degree is related to economics, business administration, law, finance and accounting, or how the work experience is related to the securities industry. Secondly, you also need to submit your personal information to the colleague who submit the license application form for you; You must include your employment records in the past 5 years, as well as other directorships and business involvements, to declare your personal interests, hence to avoid conflicts of interest at work in the future.

After submitting all the documents to the HR or compliance department, your duties in applying for your license are complete, the rest of the application procedure will be done by your HR or compliance colleagues. They will submit your application to the Securities and Futures Commissions (SFC), as well as answering any questions raised by the SFC; in saying that, your colleagues may also need your help in the process.The application may take several weeks to ten weeks, depending on your background or the complexity of the certification and the workload of the SFC staff.

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