前言：很多同学都在问，香港证券从业考试考什么类型的题目，如何复习备考。我们特意放出一部分题目，供大家练习参考。完整版可联系我们开通~
（本期共20题，含中英文对照版，答案会在回帖中公布）

第 161 题

在评估客户是否属于“专业投资者”并因此可能适用不同的监管要求时，持牌人需要依据相关规则进行判断。以下关于专业投资者类别与特征的描述，哪些是正确的？

I. 香港金融管理局本身，属于《证券及期货条例》中直接定义的一类专业投资者。

II. 一名个人，如果其拥有的投资组合总值超过800万港元，即可自动被认定为“个人专业投资者”。

III. 一个总资产达到5，000万港元的全权家族信托，可以根据《专业投资者规则》被界定为专业投资者。

IV. 所有在香港注册的有限公司，无论规模大小，都自动被视为“法团专业投资者”。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

When assessing whether a client qualifies as a “professional investor” and may therefore be subject to different regulatory requirements, a licensee needs to make a judgment based on relevant rules. Which of the following descriptions about the categories and characteristics of professional investors are correct?

I. The Hong Kong Monetary Authority itself is a type of professional investor directly defined in the Securities and Futures Ordinance.

II. An individual can be automatically classified as an “Individual Professional Investor” if the total value of their investment portfolio exceeds HKD 8 million.

III. A discretionary family trust with total assets of HKD 50 million can be classified as a professional investor under the Professional Investor Rules.

IV. All limited companies registered in Hong Kong, regardless of size, are automatically considered “Corporate Professional Investors.”

A. I,II

B. I,III

C. II,IV

D. III,IV

第 162 题

“明智投资顾问公司”的业务涉及多种金融分析服务。根据相关定义，判断以下哪些服务内容，最可能构成“就证券或期货合约提供意见”的受规管活动？

I. 定期向其订阅客户发布宏观市场研究报告，其中包含对特定行业股票未来走势的预测。

II. 受某上市公司委托，就一项收购交易的财务结构及融资方案提供专业建议。

III. 根据客户的财务目标和风险偏好，为其制定一份具体的投资计划书，明确建议买入A、B、C三只股票及其建议配置比例。

IV. 应客户要求，对某只公司债券的信用风险进行评估并出具评级报告，供其内部风险管理参考。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

"Wise Investment Advisory Firm" offers various financial analysis services. According to the relevant definitions, determine which of the following service contents would most likely constitute the regulated activity of "advising on securities or futures contracts"?

I. Regularly publishing macro market research reports to its subscribers, containing forecasts on the future price movements of specific industry stocks.

II. Commissioned by a listed company to provide professional advice on the financial structure and financing plan for an acquisition transaction.

III.  Developing a specific investment plan for a client based on their financial goals and risk tolerance, explicitly recommending the purchase of Stocks A, B, and C along with suggested allocation percentages.

IV. At a clients request, assessing the credit risk of a corporate bond and issuing a rating report for the clients internal risk management reference.

A. I,II

B. I,III

C. II,IV

D. III,IV

第 163 题

一家主板上市公司“稳健集团”近期股价出现大幅下跌，市场上有研究报告指控其存在严重的会计失当行为。公司董事会正紧急商讨应对策略。根据联交所关于回应市场指控及短暂停牌的规定，以下哪几项陈述是正确的？

I. 如果市场指控可能影响公司股价，且联交所认为可能出现虚假市场，公司必须立即发布澄清公告。

II. 澄清公告只需声明公司已关注到相关市场传闻，无须具体提及指控或表明公司立场。

III. 若公司无法立即发布澄清公告，则必须申请短暂停牌。

IV. 联交所可能就市场指控所衍生的问题进行其认为必要的进一步查询或调查。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

A Main Board-listed company, "Wenjian Group," has experienced a sharp decline in its share price, with market research reports accusing it of serious accounting misconduct. The companys board is urgently discussing a response strategy. According to the Exchanges rules on responding to market allegations and short suspensions, which of the following statements are correct?

I. If the market allegations are likely to affect the companys share price and the Exchange believes a false market may occur, the company must immediately issue a clarification announcement.

II. A clarification announcement only needs to state that the company has noted the relevant market rumors and does not need to specifically address the allegations or state the companys position.

III. If the company is unable to issue a clarification announcement immediately, it must apply for a short suspension.

IV. The Exchange may conduct further inquiries or investigations it deems necessary regarding issues arising from the market allegations.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 164 题

“海通物流”的董事陈先生，其家族控股的仓储公司正计划与“海通物流”签订一份为期五年、金额重大的仓储服务合同。关于陈先生在此情况下的法定义务，以下哪些陈述是正确的？

I. 陈先生必须在该合同被提交董事会审议之前，向董事会其他成员申报其利害关系的性质与范围。

II. 如果该合同已由管理层直接签署，陈先生在得知后应在合理可行的范围内尽快向董事会补办申报。

III. 只有当陈先生个人直接从该合同中收取佣金时，才构成需要申报的“利害关系”。

IV. 只要陈先生在该合同的董事会表决中回避投票，他就无需进行任何申报。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

Director Chens family-controlled warehouse company plans to sign a major five-year warehousing contract with "Haitong Logistics," where he serves as a director. Regarding Mr. Chens statutory obligations in this situation, which of the following statements are correct?

I. Mr. Chen must declare the nature and extent of his interest to the other directors before the contract is submitted to the board for consideration.

II. If the contract has already been signed by management, Mr. Chen should declare his interest to the board as soon as reasonably practicable after becoming aware.

III. An "interest" requiring declaration exists only if Mr. Chen personally receives a direct commission from the contract.

IV. Mr. Chen is exempt from any declaration obligation as long as he abstains from voting on the contract at the board meeting.

A. I,II

B. I,III

C. II,IV

D. III,IV

第 165 题

林女士是“环球资本”的新客户，她向客户经理咨询了几项业务安排。根据相关监管要求，客户经理在以下哪些情况下，必须向林女士提供并解释一份特定的、独立的风险揭示文件？

I. 林女士希望授权“环球资本”，允许其将自己账户内的股票作为抵押品，用于为公司的其他融资活动提供担保。

II. 林女士考虑动用账户内的大部分资金，首次尝试进行外汇保证金交易。

III. 林女士打算买入一批在香港联合交易所主板上市的大型蓝筹公司股票。

IV. 林女士因其经常出差，要求将所有账户对账单和交易通知邮寄到她的私人律师处，由律师代收。

A. I,II,IV

B. I,II,III

C. II,III,IV

D. I,III,IV

对照版英文：

Ms. Lam, a new client of "Global Capital," consults her account manager about several business arrangements. According to regulatory requirements, in which scenarios must the account manager provide and explain a specific, standalone risk disclosure document to Ms. Lam?

I. Ms. Lam wishes to authorize "Global Capital" to use the stocks in her account as collateral to secure other financing activities for the firm.

II. Ms. Lam considers using most of the funds in her account to try leveraged foreign exchange trading for the first time.

III. Ms. Lam intends to buy a batch of large blue-chip company stocks listed on the Main Board of the Hong Kong Exchange.

IV. Ms. Lam, due to frequent travel, requests all account statements and trade notifications be mailed to her personal lawyer for collection.

A. I,II,IV

B. I,II,III

C. II,III,IV

D. I,III,IV

第 166 题

面对金融市场不断涌现的创新，监管机构需要运用其法定权力来明确新产品的监管状态。以下哪些具体行动，属于财政司司长依据《证券及期货条例》所拥有的权力范畴？

I. 发布宪报公告，将一种新兴的、基于算法的差价合约（CFD）明确界定为“期货合约”。

II. 发布宪报公告，指定“新加坡交易所”为判断某种金融产品是否属于场外衍生工具时可参考的“证券市场”。

III. 制定并发布一份详细的指引，说明持牌法团在销售复杂衍生品时应遵循的适当性评估程序。

IV. 在咨询业界后，修订《公司收购及合并守则》中的某些技术性条款。

A. I,II

B. I,III,IV

C. II,III,IV

D. I,II,III

对照版英文：

In response to continuous financial market innovation, regulators need to utilize their statutory powers to clarify the regulatory status of new products. Which of the following specific actions fall within the powers of the Financial Secretary under the Securities and Futures Ordinance?

I. Issuing a notice in the Gazette to explicitly define a new algorithmic-based Contract for Difference (CFD) as a “futures contract.”

II. Issuing a notice in the Gazette to prescribe the “Singapore Exchange” as a “securities market” that may be referenced for determining whether a financial product falls within the definition of an OTC derivative.

III. Formulating and issuing detailed guidance on the suitability assessment procedures that licensed corporations should follow when selling complex derivatives.

IV. Amending certain technical provisions of the Codes on Takeovers and Mergers after consulting the industry.

A. I,II

B. I,III,IV

C. II,III,IV

D. I,II,III

第 167 题

作为一家CCASS结算参与者的运营主管，你需要在T日（周一）核对内部交易记录与结算数据。根据中央结算系统的运作流程，以下哪些关于获取结算表的说法是正确的？

I. 你可以在T日下午5点后不久，通过CCASS终端机获取包含当日股票和款项责任的临时结算表。

II. 你可以在T日下午8点后不久，获取一份包含当日股票买卖及期权行权交易的最终结算表。

III. 你可以在T+1日（周二）下午2点后不久，获取用于确认交收的最后结算表。

IV. 所有结算表都需要结算参与者手动将交易数据重新输入CCASS系统后才能生成。

A. I,III

B. I,II

C. II,IV

D. III,IV

对照版英文：

As the operations head of a CCASS Clearing Participant, you need to reconcile internal trading records with settlement data on T day (Monday). According to the CCASS operation process, which of the following statements about obtaining settlement statements are correct?

I. You can obtain a provisional settlement statement showing stock and money obligations shortly after 5:00 pm on T day via the CCASS terminal.

II. You can obtain a final settlement statement covering the days stock trades and exercised option trades shortly after 8:00 pm on T day.

III. You can obtain the final settlement statement for settlement confirmation shortly after 2:00 pm on T+1 day (Tuesday).

IV. All settlement statements require the clearing participant to manually re-enter trade data into the CCASS system before they can be generated.

A. I,III

B. I,II

C. II,IV

D. III,IV

第 168 题

“诚信财富管理有限公司”作为一家持牌法团，正在审查其客户尽职审查程序。根据《打击洗钱指引》关于客户身份核实及风险为本方法的要求，以下哪些理解是正确的？

I. 核实客户身份时，应根据客户是自然人还是法人（如公司、信托等）采取不同的核实方式。

II. 对于个人客户，身份证明文件必须且只能包括护照和住址证明，不接受其他文件。

III. 用于核实身份的文件应来自政府机构、有关当局或经认可的可靠独立来源。

IV. 基于风险为本的方法，公司应对高风险客户实施更严格的客户尽职审查措施，对低风险客户则可采取简化措施。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

“Integrity Wealth Management Limited,” a licensed corporation, is reviewing its customer due diligence procedures. According to the Anti-Money Laundering Guideline regarding customer identity verification and the risk-based approach, which of the following understandings are correct?

I. The method of verifying a customers identity should differ depending on whether the customer is a natural person or a legal person (e.g., company, trust).

II. For individual customers, identity documents must and can only include a passport and proof of address; no other documents are acceptable.

III. Documents used for identity verification should come from government bodies, competent authorities, or other approved, reliable, and independent sources.

IV. Under the risk-based approach, the firm should apply enhanced CDD measures to higher-risk customers and may apply simplified measures to lower-risk ones.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 169 题

某持牌公司运营一个面向零售客户的在线投资平台。根据《网上分销及投资咨询平台指引》，该公司在设计平台运作流程时，需落实以下哪些要求？

I. 平台向客户展示的所有产品信息及营销材料，都必须准确无误，且不具误导性。

II. 如果平台上的算法程序为客户生成了投资建议，则该建议必须基于对客户状况的评估，并确保对该客户是合适的。

III. 平台可以将所有在证监会网站列表中被归类为“复杂”的产品，统一标记为“高风险产品”进行展示。

IV. 平台必须建立有效的风险管理流程，以识别、监控和管理与平台运营相关的风险。

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

A licensed company operates an online investment platform for retail clients. According to the “Guidelines on Online Distribution and Advisory Platforms,” which of the following must the company implement in its platforms operational design?

I. All product information and marketing materials displayed on the platform must be accurate and non-misleading.

II. If the platforms algorithm generates an investment recommendation for a client, that recommendation must be based on an assessment of the clients circumstances and be suitable for that client.

III. The platform may uniformly label all products categorized as “complex” on the SFC website list as “high-risk products” for display.

IV. The platform must have effective risk management processes to identify, monitor, and manage risks related to the platforms operation.

A. I,II

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 170 题

“稳健回报票据”是一款非上市结构性产品，其回报完全取决于“国际信贷集团”这家大型投资银行的履约能力。根据《非上市结构性投资产品守则》，以下哪几项关于“主要产品对手”的规定是正确的？

I. 发行人、保证人及受托人/保管人必须独立于主要产品对手（如国际信贷集团）。

II. 发行人必须确保以客观方式甄选主要产品对手，并考虑其信用可靠性等因素。

III. 所有与主要产品对手的交易，必须按公平市值及当时可取得的最佳条款订立。

IV. 主要产品对手自身必须符合《守则》中关于最低净资产或信用评级的直接资格规定。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

"Steady Return Notes" is a non-listed structured product whose return depends entirely on the performance of a large investment bank, "International Credit Group." According to the Code on Non-Listed Structured Investment Products, which of the following statements regarding the "principal product counterparty" are correct?

I. The issuer, any guarantor, and the trustee/custodian must be independent of the principal product counterparty (e.g., International Credit Group).

II. The issuer must ensure that the principal product counterparty is selected in an objective manner, taking into account factors such as its creditworthiness.

III. All transactions with the principal product counterparty must be entered into at fair market value and on the best terms available at the time.

IV. The principal product counterparty itself must meet direct eligibility requirements under the Code regarding minimum net assets or credit ratings.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 171 题

在关于香港证券及期货业独立复核与制衡机制的培训中，讲师提到了几个独立于证监会的特定审裁处和委员会。以下关于这些机构职能的陈述，哪些是正确的？

I. 证券及期货事务上诉审裁处负责复核证监会作出的监管决定，其主席由现任或前任法官担任。

II. 杠杆式外汇交易仲裁委员会直接负责聆讯并裁决所有类型的证券交易纠纷。

III. 证券及期货事务监察委员会程序覆检委员会是一个独立实体，负责检讨证监会的内部运作程序是否公平公正。

IV. 证券及期货事务上诉审裁处也负责复核投资者赔偿有限公司就赔偿基金申索作出的裁决。

A. I,II,III

B. I,II,IV

C. II,III,IV

D. I,III,IV

对照版英文：

During a training session on independent review and checks-and-balances mechanisms in Hong Kongs securities and futures industry, the instructor mentioned several specific tribunals and committees independent of the SFC. Which of the following statements about the functions of these bodies are correct?

I. The Securities and Futures Appeals Tribunal is responsible for reviewing regulatory decisions made by the SFC, and its chairman is a serving or former judge.

II. The Leveraged Foreign Exchange Trading Arbitration Committee is directly responsible for hearing and adjudicating all types of securities trading disputes.

III. The SFC Process Review Panel is an independent entity responsible for reviewing whether the SFCs internal operational procedures are fair and impartial.

IV. The Securities and Futures Appeals Tribunal is also responsible for reviewing rulings made by the Investor Compensation Company Limited regarding compensation fund claims.

A. I,II,III

B. I,II,IV

C. II,III,IV

D. I,III,IV

第 172 题

“迅捷交易平台”是一家持牌法团，其合规部正在更新纪录保存政策，以确保符合建立审计线索和侦查洗钱的要求。根据《打击洗钱指引》，以下哪些关于备存纪录的要求是正确的？

I. 必须备存识别及核实客户身份的文件，包括实益拥有人及代表客户行事者的资料。

II. 必须备存的文件和纪录，应足以使执法机构重组个别交易，以提供检控所需的证据。

III. 所有与客户尽职审查和持续监察相关的文件，应在业务关系终止后立即销毁，以保护客户隐私。

IV. 有关交易的文件，应自交易完成之日起至少备存5年，无论客户关系是否持续。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

“Swift Trading Platform,” a licensed corporation, is updating its record-keeping policy to meet requirements for establishing audit trails and detecting money laundering. According to the Anti-Money Laundering Guideline, which of the following record-keeping requirements are correct?

I. Documents identifying and verifying the customer’s identity, including beneficial owners and those acting on the customers behalf, must be retained.

II. Records kept should be sufficient to allow law enforcement to reconstruct individual transactions to provide evidence for prosecution.

III. All documents related to CDD and ongoing monitoring should be destroyed immediately after the business relationship ends to protect client privacy.

IV. Documents relating to transactions must be retained for at least 5 years from the date of the transaction, regardless of whether the relationship continues.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 173 题

在一场关于客户信息保护的内部培训中，“诚信财富”的合规官向员工解释了《个人资料（私隐）条例》的基本框架。以下哪些关于该条例适用性和核心概念的陈述是正确的？

I. 条例旨在保障在世个人的个人资料私隐，其定义的核心在于资料可切实用于确定个人身份。

II. 条例仅适用于持牌法团等金融机构，不适用于其他收集个人资料的非金融公司。

III. 作为“资料使用者”的公司，必须遵守法定的保障资料原则来收集、持有和处理个人资料。

IV. 条例的执行与监督由多个金融监管机构联合负责，没有设立独立的专职监督公职人员。

A. I,II,III

B. I,II,IV

C. I,III

D. II,III,IV

对照版英文：

During an internal training on client information protection, the compliance officer of “Integrity Wealth” explained the basic framework of the Personal Data (Privacy) Ordinance. Which statements about the Ordinance’s applicability and core concepts are correct?

I. The Ordinance aims to protect the privacy of personal data of living individuals, with its definition centered on data being practicable for identifying an individual.

II. The Ordinance applies only to financial institutions like licensed corporations and not to other non-financial companies collecting personal data.

III. A company acting as a “data user” must comply with statutory Data Protection Principles in collecting, holding, and processing personal data.

IV. The enforcement and supervision of the Ordinance are jointly handled by multiple financial regulators, with no dedicated independent public officer appointed.

A. I,II,III

B. I,II,IV

C. I,III

D. II,III,IV

第 174 题

关于开放式基金型公司的股份类别、转让及股东登记册，以下哪些说法是正确的？

I. 一家开放式基金型公司可以设立多个类别的股份，但每个类别股份所附带的权利（如利润分配权）必须相同，以确保股东公平。

II. 公司有权拒绝登记一项股份转让，如果该转让将导致受让人持有少于公司章程规定的最低持股量。

III. 股份类别的权利（如投票权）一经在公司章程中确定，后续只能通过修改公司章程的方式进行变更。

IV. 股东登记册必须存放于公司在香港的注册办事处，并仅允许公司的投资经理和证监会查阅，普通股东无权查阅。

A. I,II

B. I,IV

C. II,III

D. III,IV

对照版英文：

Regarding the share classes, transfer, and shareholder register of open-ended fund companies (OFCs), which of the following statements are correct?

I. An OFC may establish multiple classes of shares, but the rights attached to each class (e.g., profit distribution rights) must be identical to ensure fairness among shareholders.

II. The company has the right to refuse to register a share transfer if the transfer would result in the transferee holding less than the minimum shareholding required by the companys articles of association.

III.  The rights attached to a share class (e.g., voting rights), once specified in the companys constitutive documents, can only be altered by amending those constitutive documents.

IV. The shareholder register must be kept at the companys registered office in Hong Kong and is only accessible to the companys investment manager and the SFC, but not to ordinary shareholders.

A. I,II

B. I,IV

C. II,III

D. III,IV

第 175 题

某主板上市公司的董事会秘书正在为新任董事准备任职培训资料，需准确阐述联交所《上市规则》中对董事责任及董事会构成的法定要求。以下哪几项相关陈述是正确的？

I. 董事履行诚信责任时，其行为标准至少须符合香港法例所确立的应有技能、谨慎和勤勉行事标准。

II. 董事进行证券交易时，发行人必须采用本身的守则，不能遵守联交所发布的《标准守则》。

III. 公司董事会中必须至少有3名独立非执行董事，且其中至少1名需具备会计或财务管理专长。

IV. 独立非执行董事在董事会中的席位占比不得低于总人数的三分之一。

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

对照版英文：

The company secretary of a Main Board-listed company is preparing induction materials for newly appointed directors and needs to accurately explain the statutory requirements under the HKEX Listing Rules regarding directors’ duties and board composition. Which of the following related statements are correct?

I. When fulfilling fiduciary duties, directors’ standard of conduct must at least comply with the standard of skill, care, and diligence established by Hong Kong law.

II. For directors’ securities dealings, issuers must adopt their own code and cannot comply with the Exchange’s Model Code.

III. The company’s board must include at least three independent non-executive directors (INEDs), and at least one of them must possess accounting or financial management expertise.

IV. INEDs must occupy no less than one-third of the total seats on the board.

A. I,II,III

B. I,II,IV

C. I,III,IV

D. II,III,IV

第 176 题

在为客户提供北向交易合规咨询时，券商“第一证券”的法务经理需要确保客户理解以下哪些关键限制？

I. 他提醒客户，如果计划对某只A股进行有担保卖空，首先需要确认该股票是否被交易所允许进行融资融券交易。

II. 他告知客户，通过沪港通买入的A股，可以在买入的同一交易日卖出，以实现即日回转交易（T+0）。

III. 他向客户解释，投资上交所或深交所的ETF，无需担心海外投资者的持股比例上限问题。

IV. 他警告客户，一旦其持有任一A股公司的股份比例达到5%，其后续的买卖交易将在一定时期内受到限制。

A. I,III

B. I,IV

C. II,III

D. II,IV

对照版英文：

When providing Northbound trading compliance advice to clients, the legal manager at “First Securities” needs to ensure clients understand which of the following key restrictions?

I. He reminds clients that if they plan a covered short sale on an A-share, they must first confirm whether the stock is permitted by the exchange for margin trading.

II. He informs clients that A-shares purchased through Shanghai Connect can be sold on the same trading day to achieve day trading (T+0).

III. He explains to clients that when investing in ETFs on the SSE or SZSE, there is no need to worry about overseas investor ownership caps.

IV. He warns clients that once their shareholding in any A-share company reaches 5%, their subsequent buy and sell transactions will be restricted for a specified period.

A. I,III

B. I,IV

C. II,III

D. II,IV

第 177 题

某上市公司“未来科技”的董事会秘书正在为未来的无纸化市场环境准备简报。他向董事会说明，此项改革可能会为公司治理和股东关系带来以下哪些具体变化？

I. 公司将能更及时、准确地从股东名册获取完整的股东身份和持股信息，便于直接沟通。

II. 公司召开股东大会时，投票权的确认和行使流程可能会因为股东直接登记而变得更高效。

III. 所有现有股东必须在改革生效后的一个月内，自行完成登记手续，否则其持股将被冻结。

IV. 公司将不再需要与香港中央结算（CCASS）就股东名册和股息分派等进行任何数据交互。

A. I,II

B. I,III

C. II,IV

D. III,IV

对照版英文：

The board secretary of a listed company, “Future Tech,” is preparing a briefing for the future paperless market environment. He explains to the board that this reform may bring about which of the following specific changes to corporate governance and shareholder relations?

I. The company will be able to obtain complete shareholder identity and holding information from the share register more timely and accurately, facilitating direct communication.

II. When the company holds general meetings, the process of confirming and exercising voting rights may become more efficient due to direct shareholder registration.

III. All existing shareholders must complete registration procedures on their own within one month after the reform takes effect, or their holdings will be frozen.

IV. The company will no longer need to engage in any data interchange with Hong Kong Clearing (CCASS) regarding the share register or dividend distributions.

A. I,II

B. I,III

C. II,IV

D. III,IV

第 178 题

“标致评级”为提升其评级的透明度与对投资者的用处，计划在其官网新增一个披露栏目。根据相关职业操守旨在提高评级对投资者用处的要求，以下哪些内容是该栏目必须包含的？

I. 详细列出所有当前给予“投资级”评级的发行人名单及其最新财务数据。

II. 清晰解释每个评级符号（如AAA、BB+）所代表的信用风险程度和定义。

III. 公布其用于不同类型发行人的主要评级方法、关键假设及分析模型的一般性说明。

IV. 开辟一个“分析师观点”订阅频道，付费客户可以提前24小时获知评级可能发生变动的非公开提示。

A. II,III

B. I,II

C. I,II,III

D. II,III,IV

对照版英文：

“StandardRatings” plans to add a new disclosure section on its official website to enhance the transparency and usefulness of its ratings to investors. According to the requirements of the relevant code aimed at improving rating usefulness, which of the following must this section include?

I. A detailed list of all issuers currently rated “investment grade” along with their latest financial data.

II. A clear explanation of the meaning and definition of each rating symbol (e.g., AAA, BB+) in terms of credit risk.

III. Publication of general descriptions of its primary rating methodologies, key assumptions, and analytical models for different types of issuers.

IV. A subscription-based “Analyst Insight” channel where paying clients receive non-public alerts about potential rating changes 24 hours in advance.

A. II,III

B. I,II

C. I,II,III

D. II,III,IV

第 179 题

“维港资本”是一家香港的“中华通结算参与者”（CCCP）。其结算部主管张先生在20xx年第三季度末进行风险管理评估时，需要特别关注以下哪些针对CCCP的特定要求？

I. 他需要计算客户北向交易中所有A股持仓的浮动盈亏，作为风险抵押品的一部分。

II. 他需要确保公司有足够的人民币现金，用于缴付基于北向交易未交收持股量计算的差额缴款。

III. 他需要检查公司是否已向香港结算缴付了以港币计价的内地结算备付金。

IV. 他需要复核公司是否已为客户妥善处理并保存了参与沪深港通所需的资格评估文件。

A. I,II

B. III,IV

C. I,III

D. II,IV

对照版英文：

“Victoria Harbour Capital” is a Hong Kong-based “China Connect Clearing Participant” (CCCP). Mr. Zhang, head of its settlement department, is conducting a risk management review at the end of the third quarter of 20xx. Which of the following specific requirements for CCCPs does he need to pay special attention to?

I. He needs to calculate the floating profit and loss of all A-share holdings from clients Northbound trades as part of the risk collateral.

II. He needs to ensure the firm has sufficient RMB cash to pay difference payments calculated based on unsettled holdings from Northbound trading.

III. He needs to check whether the firm has paid the Mainland clearing reserve fund, denominated in Hong Kong dollars, to Hong Kong Clearing.

IV. He needs to review whether the firm has properly handled and maintained the eligibility assessment documents required for clients to participate in Stock Connect.

A. I,II

B. III,IV

C. I,III

D. II,IV

第 180 题

根据香港《收购及回购守则》及相关监管要求，以下关于“收购及回购守则顾问”及“收购及回购守则负责人员”的说法，哪些是正确的？

I. “收购及回购守则顾问”必须是一家就第6类受规管活动获发牌的法团。

II. 在一项收购交易中，至少需要有两名“收购及回购守则负责人员”共同监督并提供意见。

III. “收购及回购守则负责人员”本人必须是一名符合资格就《收购守则》和《回购守则》范畴事宜提供意见的持牌代表。

IV. “收购及回购守则顾问”的持牌代表，除了要符合一般规定，还必须符合额外的持续培训要求。

A. I,II

B. I,III

C. II,IV

D.I,III,IV

对照版英文：

According to the Hong Kong Codes on Takeovers and Mergers and Share Repurchases and related regulatory requirements, which of the following statements regarding "Takeovers and Repurchases Code Advisers" and "Takeovers and Repurchases Code Responsible Officers" are CORRECT?

I. A "Takeovers and Repurchases Code Adviser" must be a corporation licensed for Type 6 regulated activity.

II. For a takeover transaction, at least two "Takeovers and Repurchases Code Responsible Officers" must jointly supervise and advise.

III.  A "Takeovers and Repurchases Code Responsible Officer" must themselves be a licensed representative qualified to advise on matters under the Takeovers Code and the Share Repurchases Code.

IV. The licensed representatives of a "Takeovers and Repurchases Code Adviser" are, in addition to general requirements, subject to additional continuing training requirements.

A. I,II

B. I,III

C. II,IV

D.I,III,IV