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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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