United States
Hong KongHolding several activity types
Paper 1 is the local regulatory framework paper for representatives in ten of the twelve activity types, so adding a type rarely adds an examination. The CPT minimum does not rise either, but the composition of it does.
Holding two or three types is normal. The consequences are smaller than people expect in one direction and larger in another.
Adding a type rarely adds a paper
Paper 1 is the local regulatory framework paper for regulated activity types 1 to 12 except type 3, and type 7 has no requirement. As a representative, one paper covers most combinations.
The SFC's own example: someone holding Papers 1 and 7, licensed for type 1 within the past three years, is not required to re-take both when applying to additionally carry on type 2.
Your CPT total does not rise
A licensed representative must undertake a minimum of 10 CPT hours per calendar year regardless of the number and types of regulated activities engaged in.
At least five hours must be on topics directly relevant to the activities you are licensed for, and the guidance is to allocate them across your practice areas in proportion to the time and effort you spend in each. Five hours spread across three activity types is a tighter budget than five hours on one.
Scope discipline gets harder too
Holding types 1 and 4 makes the dealing-versus-advising boundary internal rather than external, which sounds easier and is not. You still have to know which hat you are wearing, because the conduct requirements differ.
At responsible officer level it changes completely
Each activity brings its own paper pairing: Papers 1 and 2 for types 1, 4 and 8; Papers 1 and 3 for types 2, 5 and 11; Papers 1 and 4 for type 9.
And the SFC expects you to show you have the time to supervise all of them properly, which is a real constraint on how many you can hold.
When your licence changes mid-year
Where an activity licence changes during the calendar year, the guidance is that the five relevant hours should be on topics directly relevant to the activities you are licensed for at the time the training is taken.
So training taken in January for an activity you dropped in March still counted when you took it.
Common questions
Do I need another exam to add a regulated activity?
As a representative, usually not. Paper 1 covers ten of the twelve types.
Does CPT increase with more activity types?
No. The minimum is 10 hours regardless of how many types you hold.
What gets harder?
The five relevant hours must be spread across your practice areas in proportion to time spent in each.
What about at responsible officer level?
Each activity brings its own paper pairing, and you must show you can supervise all of them properly.
What if my licence changes mid-year?
The five relevant hours should relate to what you were licensed for at the time the training was taken.