SFC needs more dimsum

These useless morons with a $1b budget and reserves of $7.4b are out to hire... 7% more useless morons.. Maybe they should start cleaning out the numerous fraudulent companies on the HKex.

"The reserves currently stand at HK$7.4 billion and are expected to rise to HK$7.6 billion by the end of March 2013.

"Under the law, the government and the SFC have agreed that whenever SFC reserves reach a level equivalent to two years' of its expenses, it should suspend or reduce the transaction levy," said Chim Pui-chung, lawmaker for the financial services sector. "The SFC reserve is currently equivalent to seven years of its annual spending, but its budget doesn't mention cutting its levy or other charges."

The current reserves are 7.3 times the SFC's HK$1.01 billion budget for the current fiscal year which ends in March. They could support the SFC's expenditures for 5.4 years, based on its estimated HK$1.36 billion budget for the new financial year which starts on April 1.

"The securities regulator's budget is unacceptable, as it is against the law and is unfair to investors," said Chim. "Why does it continue to ask investors to pay when it is so rich already? The financial secretary should reject this SFC budget as it is against the public interest."