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