What kind of updates did the HKSI make in the LE study manual?

Many of our clients are frustrated with needing to retake the exam, or some are going to take the exam right before the HKSI is going to update the manual. They are concerned with what updates the HKSI would make on their study manual. Below we will uncover what differences will be commonly found between the old and new versions of the HKSI study manual.

• Changes in wordings

This is the most frequently appeared update. By comparing two texts before and after updating, there are literally more than 70% changes about altering the word choices. You can simply ignore those meaningless changes. For example, “suspend” to “withdraw”, “operating units” to “divisions”. Another kind of unimportant change is switching between Chinese and English (in Chinese manual) or between full name and abbreviation.

Lots of adjustments are caused by rephrasing or modifying use of words. Meanings conveyed are basically the same between the old and new versions.

Example of change of wordings

• Changes in Law

Some relevant laws and regulations modification may appear in the HKSI study manual as an update. For instance, the reorganisation of the government framework led to a change from 12 bureaux in 2007 to 13 bureaux nowadays; the regulatory body of the insurance industry is now the Insurance Authority; civil cases that the District Court considers involving disputes over amounts up to HK$3 million now instead of HK$1 million; the maximum compensation one can receive from the Investor Compensation Fund has been raised, etc.

• Descriptions become more specific

For example in chapter 1, there are a few more lines indicating how the chairmanship is formed; a more detailed depiction of the requirements on Responsible Officers set by the SFC in the new version; SFC’s definition of the senior management.

Example of addition of details

• Deletion of meaningless data

Some details such as amendments to the laws and regulations that were made a long time ago will be deleted or cutted short in the new version of the study manual to avoid redundancy.

• Revision of data

Examples include the number of members of The International Organization of Securities Commissions.

• Addition of some new hit concepts

HKSI will add new contents based on topics or SFC circulars that raised concern recently. The new version contains new contents such as Over-the-counter derivative transactions, open-ended fund companies in chapter 3, and the Guidelines on Online Distribution and Advisory Platform (“ODAP Guidelines) in chapter 5.

In sum, updates in the HKSI study manual in these years are not as many as you think. Take it easy and hope you get a good grade in your exam(s)!

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