After the HKSI exams: how to apply for an SFC representative licence

Passing the HKSI papers does not give you a licence. You first need a job with an SFC-licensed corporation, and then you and that firm apply together on the SFC's WINGS platform for you to become a licensed representative. The SFC's fee is HK$1,790 per regulated activity (HK$2,420 for Type 3), and a normal application takes about 8 weeks. If you need to start sooner, you can also apply for a provisional licence, which takes about 7 business days.

What you need before you apply

• A licensed corporation. A representative may only act for the corporation they are accredited to. The application is made jointly by you and that firm, which verifies and endorses it, and the SFC deals mainly with the firm.
• Competence. You are generally expected to have passed the required papers within three years before applying. A Type 1 (dealing in securities) representative usually needs Paper 1 plus Papers 7 and 8, but some degree and professional qualification holders need only Paper 1. See which papers you need and exemptions.
• Fit and proper. The SFC must be satisfied that you are fit and proper (below).

Bank staff are handled differently. A bank is a "registered institution", and its staff are "relevant individuals". They are not licensed by the SFC; the bank enters them on a register kept by the HKMA. The competence requirements are the same.

What "fit and proper" means

Under section 129(1) of the Securities and Futures Ordinance and the SFC's Fit and Proper Guidelines (January 2022), the SFC considers your:

1. financial status or solvency;
2. qualifications or experience;
3. ability to carry on the regulated activity competently, honestly and fairly;
4. reputation, character, reliability and financial integrity.

In the SFC's words, a fit and proper person is "financially sound, competent, honest, reputable and reliable". The forms ask about disciplinary actions and investigations, financial status, character and mental health. Any "Yes" must be explained, or the application may be returned. You must disclose any past regulatory warning, however old. The Rehabilitation of Offenders Ordinance does not apply to SFC proceedings. To keep a spent conviction confidential you may answer "No" on the form, but you must still disclose the details in a separate signed submission sent directly to the SFC within two business days of applying.

The steps

1. Open a WINGS account. Individuals apply through an "Individual Account" on WINGS-LIC. The SFC publishes user guides and demo videos.
2. Complete the forms. Answer every question in the forms, supplements and questionnaires, sign properly and attach all supporting documents.
3. Firm endorsement. Your licensed corporation verifies the information and endorses the application.
4. Pay. Once the application is accepted, a WINGS Mail message asks for the fee, which you pay online through WINGS.
5. Follow up. Track progress in WINGS-LIC and answer the SFC's questions.
6. Approval. The SFC sends an electronic approval letter by WINGS Mail to you and the submitter. Individuals get no licence certificate; check your approval date, regulated activities and principal on the SFC's public register.

Common reasons for return include applying for the wrong activity type, missing forms or documents, needing a Hong Kong employment visa without applying for one, and being a director of the firm but applying only as a representative.

Fees and processing times

From the SFC's Application procedures page (checked November 2026):

The SFC says actual times depend on how complete the application is, visa timing, its workload and any outstanding questions.

Provisional licences

Under the SFC Licensing Handbook (October 2024), you can apply for a provisional licence alongside your representative application, so you can work while the full application is processed. The SFC must be satisfied that you are fit and proper and that granting it will not prejudice investors. It generally decides within seven business days of a properly completed application. A provisional licence has no expiry date; it is treated as revoked when the full application is approved or refused.

Key point: the licence follows the firm. Without a licensed corporation to accredit you, you cannot apply as a representative.

Can you apply before passing Paper 1?

The SFC may approve a licence on condition that you pass Paper 1 within six months. If you do not, the approval can become invalid, and this grace period is usually granted only once per paper. If you have failed before, see retake rules.

Once you are licensed

• Annual fee. You pay an annual fee within one month after each anniversary of your licence (section 138(2) of the Securities and Futures Ordinance). Late payment brings a surcharge, and not paying in full can lead to suspension or revocation of the licence. Check the current amount, and whether any waiver applies, on the SFC annual licensing fees page.
• Changing jobs. Your old firm must notify the SFC within 7 business days. You must apply to transfer your accreditation to a new firm within 180 days, which the SFC cannot extend; the fee is HK$200 per regulated activity. If you reapply within three years for the same activities, you do not have to resit the entry exams.
• Training. At least 10 CPT hours a year; see CPT requirements.

If the SFC intends to refuse an application, it must first give you a chance to be heard (section 140 of the Ordinance). You can seek a review by the Securities and Futures Appeals Tribunal within 21 days.