Funding

The HKSAR Government has granted a seed capital of HK$400 million to facilitate the smooth migration of the FRC to the new auditor regulatory regime, to cushion the FRC against short-term fluctuations in the levy income, to fund one-off capital and non-recurrent expenses, to allow the FRC to gradually expand its staff complement taking into account its actual operational needs, and to provide a buffer for other exigencies of circumstances.  Starting from 2022​, the FRC will be self-financing with funding from levies payable by sellers and purchasers of securities, PIEs and PIE auditors.