Which of the following descriptions are correct?
I. All registered and licensed banks are licensed by the SFC
II. Some of the activities conducted by registered institutions are supervised by the SFO
III. A memorandum of understanding (“MOU”) has been signed between the SFC and the HKMA setting out their roles and responsibilities so as to minimize overlaps under the regulatory regime.
IV. The Commissioner of Insurance is a civil servant and the head of the Office of Commissioner of Insurance
A. I, IV
B. II, III
C. II, III, IV
D. I, II, III, IV