The following updates are examinable from 1 November 2020

 

TOPIC 1 – THE GLOBAL FINANCIAL SYSTEM
  • Dates and data updated for the OECD, the Asian Infrastructure Investment Bank, the Bank for International Settlements, highly leveraged institutions and OTC derivative positions
  • None of these changes are likely to be reflected in future exam questions

 

TOPIC 2 – FINANCIAL SYSTEM IN HONG KONG
  • Dates and data updated for the Exchange Fund, the Government’s fund accounts, Mandatory Provident Fund schemes, Authorised Institutions, government budget surpluses and trade figures
  • Material added relating to retirement planning developments from the Hong Kong Mortgage Corporation covering:
    • Reverse Mortgage Programme launched in 2011 for people aged 55 or above to use their residential properties in Hong Kong as security to obtain reverse mortgage loans
    • Policy Reverse Mortgage Programme launched in 2019 for people aged 60 or above to use their life insurance policies as collateral to borrow from a lender
  • Development of Insuretech in Hong Kong by the Insurance Authority through the encouragement of the use of digital distribution channels

 

TOPIC 3 – THE EQUITY MARKET
  •  Dates and data updated for main board of the Stock Exchange of Hong Kong and real estate investment trusts
  • Material deleted relating to a Pilot Programme listing a number of US securities on the Stock Exchange of Hong Kong

 

TOPIC 4 – THE DEBT MARKET
  •  Dates and data updated for the listing of exchange fund notes
  • Introduction of perpetual bonds which pay coupons in perpetuity with no requirement for principal redemption
  • New material relating to the Government Green Bond Programme

 

 TOPIC 5 – THE FOREIGN EXCHANGE AND DERIVATIVES MARKETS
  • Dates and data updated for Hong Kong exchange traded contracts
  • New material covering more than 30 MSCI Equity Indexes futures and options contracts launched by Hong Kong Exchange and Clearing
  • Material updated regarding OTC structured products (formerly known as Exotic Derivatives)

 

TOPIC 6 – FINANCIAL RISK MANAGEMENT
  • No updates

 

TOPIC 7 – APPLICATIONS IN THE FINANCIAL SECTOR
  •  No updates

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