考试纲要：
第一章 香港金融业以及监管概要
第二章 有关香港的法例的原则和《公司条例》 第三章 《证券及期货条例》 第四章 发牌以及附属条例 第五章 业务操守以及客户关系 第六章 业务运作以及实务 第七章 证券、期权以及期货 第八章 其他证监会规管活动
第九章 市场失当姓危、不当交易行为以及遵守法规
香港证券及期货从业员资格考试 由以下10张试卷组成： 卷一：基本证券及期货规例 卷二：证券规例 卷三：衍生工具规例 卷五：机构融资规例 卷六：资产管理规例 卷七：金融市场 卷八：证券 卷九：衍生工具 卷十一：机构融资 卷十二：资产管理
关于本温习手册
1. 本书每章包含：概览、学习重点、内容、概要、要点、温习问题、答案。2. 样本试题每条问题做答时间是：1.5分钟 3. 本温习手册每张温习时间是：9小时
4. 关于考试：60条多项选择题目，90分钟做答、合格成绩是70％（42题）。5. 考试可以使用非程式型号的电子计算器，计算器要使用干电池，无噪音。
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目 录
第一章 香港金融业监管概览 ······························································································ 3
1金融产品与服务及其监管制度 ························································································4
2 监管机构 ·························································································································5 3 证券及期货事务监察委员会 ···························································································8 4 香港交易及结算所有限公司 ························································································· 12 5 香港金融市场的参与者及中介人 ················································································· 13
第二章 有关的香港法例的原则及《公司条例》··························································· 15
1 香港法律制度概述 ········································································································ 15 2 《公司条例》及有关事宜 ····························································································· 18
第三章 《证券及期货条例》 ···························································································· 25
1 背景 ······························································································································· 25 2 各部分内容 ··················································································································· 25
第四章 发牌及附属法例 ···································································································· 32
1 证监会的发牌制度 ········································································································ 32 2 资本规定 ······················································································································· 35 3 《证券及期货（客户证券）规则》 ············································································· 37 4 《证券及期货（客户款项）条例》 ············································································· 38 5《证券及期货（储存记录）记录》 ··············································································· 39 6《证券及期货（成交单据、户口结单及收据）记录》 ················································· 39 7 《证券及期货（账目及审计）规则》 ·········································································· 40
第五章 业务操守及客户关系 ···························································································· 42
1 引言 ······························································································································· 42 2 《证监会持牌人或注册人操守准则》 ·········································································· 42 3 《基金经理操作准则》 ································································································ 47 4 《企业融资顾问操作准则》 ························································································· 48 5 《股份登记机构操守准则》 ························································································· 50
第六章 业务运作及实施 ···································································································· 53
1 引言 ······························································································································· 53 2 《适用于证监会的注册人和持牌人的管理、监管及内部监控指引》 ························ 53 3 洗黑钱及恐怖分子筹资活动 ························································································· 55 4 互联网交易及顾问服务 ································································································ 57 5 自动化交易服务 ············································································································ 58 6 除《证券及期货条例》以外的卖空规定 ······································································ 58 7 《证券及期货（豁免某等未获邀约的造访）规则》 ··················································· 58 8 中介人的承保范围 ········································································································ 59
第七章 证券、期权及期货 ································································································ 60
1 导言 ······························································································································· 60 2 证券交易 ······················································································································· 60
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3 在联交所买卖的期权 ···································································································· 65 4 期货合约交易 ················································································································ 66 5 就证券及期货合约提供意见 ························································································· 68
第八章 其他证监会规管的活动 ························································································ 69
1 机构融资及机构融资顾问 ····························································································· 69 2 联交所颁布的《上市规则》 ························································································· 69 3 收购、合并及股份购回 ································································································ 72 4 资产管理 ······················································································································· 74 5 杠杆式外汇交易 ············································································································ 78
第九章 市场失当行为、不当交易行为及遵守法规 ······················································ 80
1 《证券及期货条例》所述的市场失当行为 ·································································· 80 2 《证券及期货条例》对市场失当行为的定义 ······························································ 81 3 内幕交易 ······················································································································· 81 4 虚假交易 ······················································································································· 82 5 控制价格 ······················································································································· 82 6 操纵证券市场 ················································································································ 82 7 披露关于受禁交易的资料 ····························································································· 83 8 披露虚假或具误导性的材料 ························································································· 83 9 不构成市场失当行为的操守（安全港规则） ······························································ 83 10 欺诈及欺骗 ·················································································································· 83 11 不当交易行为 ·············································································································· 83 12 投资者赔偿安排 ·········································································································· 84 13 《个人资料（私隐）》条例》 ····················································································· 84 14 遵守法规与有关问题 ·································································································· 85
第一章 香港金融业监管概览
本章目录：
? 金融产品与服务及监管制度 ? 监管机构
? 证券及期货事务监察委员会 ? 香港交易及结算所有限公司 ? 香港金融市场的参与者及中介人
本章概览：
1. 本章简单介绍向投资者提供的产品以及服务，以及采取监管的原因。
2. 然后介绍政府官员及监管当局的监管职能，以及其各自与证券及期货事务监察委员会
（证监会）的关系。证监会为证券期货业的主要监管机构。
3. 本章会扼要介绍证监会的架构、职能、责任以及权利，以及证监会如何与海外监管机构
以及全球监管机构协会、国际证券事务监察委员会组织（国际证监会组织）保持联系。
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4. 证监会负责监督香港的交易所和结算所。
5. 各类投资人、中介人、委托人以及专业支援机构的地位以及角色。
学习重点：
1. 了解香港作为国际金融中心提供的各类产品以及服务；
2. 阐述香港金融机构的宗旨及职能，以及香港证券监管制度的背景； 3. 识别个政府部门的相关职能、责任及权利，以及与证监会的关系；
4. 掌握与金融监管制度有关的半官方、法定、非法定机构的基本知识，以及这些机构和证
监会的关系；
5. 证监会的宗旨、职能、权利、责任，以及其框架。 6. 了解证监会各个部门的运作；
7. 阐释与证监会有关的委员会、裁判处以及工作小组的角色； 8. 大致区分证监会、交易所、结算所担当的角色；
9. 讨论金融市场中投资者、中介人、委托人、支援服务供应者各自的角色。
1金融产品与服务及其监管制度
引言
1. 《基本法》第109条默认了香港作为国际金融中心的地位。
2. 香港金融市场上面买卖的金融产品包括：证券、衍生工具（包括期货）、外汇产品、互
惠基金、单位及投资信托基金、存款证及其他银行业产品、货币市场产品、公司可转换权益（例如：股份、债权证、认股权证及可转换证券等）。
3. 服务包括：证券买卖、期货交易、外汇买卖、财务顾问、机构融资、包销、合并及收购、
创业资本、投资及投资组合管理、投资银行服务、商业银行服务、放债、黄金买卖、保险及保险经纪服务等。
4. 监管机构可以通过以下方式提高所监管市场的素质：
? 鼓励开发新产品及服务；
? 协助提高金融市场专业人员的素质及技能；
? 透过投资者交易计划，提高公众人士的投资知识。
香港监管机构的宗旨
5. 香港各监管机构的共同宗旨如下：
? 透过确保尽可能极少监管的情况下仍能维持适当的市场监督，协助维持香港作为主要自由市场经济体系的地位；
? 致力于尽少干涉的同时，维持可接纳的国际金融监管水平；
? 努力使市场不但方便使用者使用、开放及容易进入市场，而且公平及有效； ? 在权力范围内，致力于确保金融法律制度得以明确、完整及公平执行；
? 鼓励建立稳健的技术型基础设施，促进市场的运作及与全球交手及结算系统接轨； ? 采取措施协助提高国际及本港金融市场的信心；
? 证券及期货事务监察委员会的宗旨亦抱愧上述各项。
6. 监管理念及制度：有时以监管机构评审结果为本，有时候以披露为本。
? 以监管机构评审结果为本：以筛选处不受欢迎参与者及受欢迎参与者为宗旨。例如：美国“蓝天”法则：如果股份发售未能确保发起人与投资者之间存在公平均势，或未能
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确保投资公众拥有风险回报之间的公平均势，则该股份发售将不被注册。 ? 香港的《上市规则》也是以评审结果为本，因为他以达到目的为大前提。 ? 英国和美国：以披露为本。该制度关注于最高披露限制及提供有关公开发售的资料，披露可以是强制或者自愿性质。 ? 香港：《公司条例》以披露为本，且具有法律效力。该意念假设投资者需要受最高披露限制保障，但参与者一方也有责任运用所有资料做出独立决定。香港的监管理念是以披露为本，附以监管机构评审结果为本； ? 实际两者界限不清晰，常常两者重复。 ? “以风险为本”：这种监管制度着重监管对于市场及参与者构成最大风险的领域。
过往的监管问题
7. 香港首间证券交易所成立于1891年，1973年增至5间，其中包括香港期货交易所（期
交所）。
8. 关于交易所的管制：
? 1973年2月实施《证券交易所管制条例》，禁止增设任何交易所。 ? 1973年股灾刺激当局制定：《证券条例》和《保障投资者条例》。
? 1987年10月发生的全球股灾：委任戴维森担任主席的证券业检讨委员会（“戴维森委员会”），他们做出的大致建议是： ? 有稳定的体制；
? 有一个平稳有序、公平且无操纵及欺诈行为的市场； ? 有充分的保障投资者制度；
? 有实行以从业员为本的监管制度，即由具有行业或监管经验的专业人员执行； ? 有制约平衡制度，即由一个独立于政府的委员会负责监督交易所，而政府仅仅在该委员会未能施行适当监管时加以干预； ? 在交易所及结算所进行交易；
? 此架构由1989年开始运作，基本至今保持不变。
9. 证监会与前身证券事务监理专员的区别：证券事务监理专员不属于香港行政管理部门，
证监会为独立的法定机构，并不纳入公务员体系。
2 监管机构
政府各级的角色
1. 证监会主席、副主席及董事均由香港特别行政区行政长官委任。行政长官可以罢免任何
董事，亦可以拟定董事任职条款及条件。行政长官可以就证监会如何寻求达到其目标及如何履行职能向证监会发出书面指示。
2. 财政司司长与财务司司长、律政司司长以及11名局长同属政府的最高官员。
? 财政司司长主要职能：督导经济、金融、财经及就业事务的政策制定及实施工作；财务司司长是外汇基金咨询委员会主席，该委员会时香港金融管理局的监督机构； ? 财政司司长对证监会有全部有效权力。可以要求证监会提供：
? 财政司司长要求的资料，例如有关原则、规定、政策方面的资料。 ? 其预算案、年度财务报告 ? 核准其借款要的要求书 ? 就委任审查员的意见。
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