Under the SFO, which body is empowered to make rules?

• A. Securities and Futures Commission.
• B. Financial Secretary.
• C. Board of Directors.
• D. Legislative Council.

Answer: (A)

The rule-making power under the Securities and Futures Ordinance is held by the Securities and Futures Commission. The SFC is the primary regulator responsible for regulating the securities and futures markets, including issuing rules, codes, and guidelines that govern licensed entities and market conduct. The other bodies—the Financial Secretary, the Legislative Council, and a company’s Board of Directors—do not have authority to create SFO rules. The Legislative Council enacts laws, the Financial Secretary handles fiscal policies, and a board governs a specific organization, not the overarching regulatory rules for the market.