Which dept. is independent from the government civil service?

• A. SFO
• B. IRD
• C. Audit Commission
• D. SFC

Answer: (D)

Independent operation from the civil service is what helps a market regulator make impartial decisions based on market needs and the law, rather than political direction. The Securities and Futures Commission fits this description because it is a statutory body created specifically to regulate and oversee the securities and futures markets. It operates under the Securities and Futures Ordinance, with its own governance, funding, and appointment framework designed to maintain autonomy from government line management. This separation allows the regulator to license participants, enforce rules, and take disciplinary actions based on objective standards rather than civil service processes. The other entities listed are government departments or agencies that operate within the civil service, so they don’t have the same independent regulatory mandate. That makes the Securities and Futures Commission the correct choice.