What is possible with a HSM depends on the policies of the HSM and key objects (e.g. with PKCS#11). Vendors limit the "most open" policy that you can apply. For

What is possible with a HSM depends on the policies of the HSM and key objects (e.g. with PKCS#11). Vendors limit the "most open" policy that you can apply. For example, a FIPS 140-2 level 3 module can not offer unbounded key export (https://security.stackexchange.com/a/83981 https://security.stackexchange.com/a/83981). Using a HSM does _not_ guarantee that keys can not be exported. But the converse also holds, a key that is managed by a HSM can not necessarily be exported.