The Securities and Futures Commission (SFC) regulates the securities and futures markets in Hong Kong. Its responsibilities are to ensure that the markets operate fairly and efficiently, promote orderly development of the industry while protecting the interests of investors. The SFC is a public body operating independent of the civil service. It is funded mainly by levies investors pay for securities and futures transactions and also by fees from licensees. Its core functions involve the licensing and supervision of intermediaries, ensuring compliance of laws specific to the industry, supervising the markets (including the infrastructure and trading activities), overseeing listing and takeovers matters and regulating investment products.