The Securities and Futures Commission (SFC) is an independent statutory body responsible for regulating the market, safeguarding market integrity, and enforcing securities and futures market legislation. Parties regulated by the SFC include HKEX and its subsidiaries (including the stock and futures exchanges and associated clearing houses), financial market intermediaries (namely securities dealers which include Exchange Participants; sponsors; share registrars; fund managers; and investment advisers) and investors.
The SFC's statutory regulatory objectives are:
- to maintain and promote the fairness, efficiency, competitiveness, transparency and orderliness of the securities and futures industry;
- to promote understanding by the public of the operation and functioning of the securities and futures industry;
- to provide protection for members of the public investing in or holding financial products;
- to minimise crime and misconduct in the securities and futures industry;
- to reduce systemic risks in the securities and futures industry; and
- to assist the Financial Secretary in maintaining the financial stability of Hong Kong by taking appropriate steps in relation to the securities and futures industry.
All companies seeking a primary listing in Hong Kong, regardless of their place of incorporation, are subject to the Listing Rules, the SFC's Codes on Takeovers and Mergers and Share Repurchases and other applicable regulations. The Listing Rules apply as much to overseas companies listed in Hong Kong as they do to companies incorporated and listed in Hong Kong. The overseas companies may also be subject to additional requirements, modifications or exceptions set out in the Listing Rules.