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Registration

1
Who can be registered as a principal intermediary ("PI")?
  1. A person (including a corporation) seeking to be a PI (the "applicant") must be a Type A regulatee of an industry regulator (please refer to the following Question 3 for what is meant by a Type A regulatee);
  2. within 1 year immediately before the date of the application, the applicant has not had any qualification as a Type A regulatee revoked on the disciplinary grounds (see section 34J(1) of the Mandatory Provident Fund Schemes Ordinance (Cap. 485) ("MPFSO"));
  3. the applicant does not have any qualification as a Type A regulatee suspended (see section 34J(2) of the MPFSO);
  4. within 1 year immediately before the date of the application, the applicant has not had a registration as a registered intermediary revoked by the Mandatory Provident Fund Schemes Authority ("MPFA") under section 34ZW(3)(a)(i) of the MPFSO; and
  5. the applicant is not disqualified by the MPFA under section 34ZW(3)(a)(ii) of the MPFSO from being registered as an intermediary for carrying on regulated activities.
2
What is a Type A regulatee?
A Type A regulatee,
  1. in relation to the Insurance Authority, means
    1. a company authorized under section 8 of the Insurance Ordinance (Cap. 41) to carry on long term business within the meaning of that Ordinance; or
    2. an authorized long term insurance broker;
  2. in relation to the Monetary Authority, means an authorized financial institution registered under section 119 of the SFO for Type 1 or Type 4 regulated activity, or both, within the meaning of that Ordinance; or
  3. in relation to the Securities and Futures Commission, means a corporation licensed under section 116 of the SFO to carry on Type 1 or Type 4 regulated activity, or both, within the meaning of that Ordinance.
3
Who can be registered as a subsidiary intermediary ("SI")?
  1. A person or an appointed long term insurance agency seeking to be an SI (the "applicant") must be a Type B regulatee of an industry regulator (please refer to the following Question 7 for what is meant by a Type B regulatee) but not a Type A regulatee of any industry regulator;
  2. within 1 year immediately before the date of the application, the applicant has not had any qualification as a Type B regulatee revoked on disciplinary grounds (see section 34K(1) of the MPFSO);
  3. the applicant does not have any qualification as a Type B regulatee suspended (see section 34K(2) of the MPFSO);
  4. within 1 year immediately before the date of the application, the applicant has not had a registration as a registered intermediary revoked by the MPFA under section 34ZW(3)(a)(i) of the MPFSO;
  5. the applicant is not disqualified by the MPFA under section 34ZW(3)(a)(ii) of the MPFSO from being registered as an intermediary for carrying on regulated activities for a principal intermediary to which the applicant is to be attached; and
  6. if the applicant is an individual, the applicant has, within 1 year immediately before the date of the application, passed a qualifying examination specified by the MPFA. This will not be applicable if within 3 years immediately before the date of the application, the applicant has been registered as a subsidiary intermediary and that registration has been revoked, and the revocation, or the last revocation (if there is more than one), is not made due to non-compliance with the continuing training requirement.
4
What are the qualifying examinations?
Currently, the two qualifying examinations specified by the MPFA are:
  1. Mandatory Provident Fund Schemes Examination conducted by the Vocational Training Council; and
  2. MPF Intermediaries Examination conducted by the Hong Kong Securities and Investment Institute.
These examinations are based on the same syllabus and are recognized by the MPFA as meeting the examination requirement to be an intermediary.
5
How can I enroll in a qualifying examination?
For enrolment and examination schedules, you may contact:
  • The Vocational Training Council (Tel: 2919 1467 / 2919 1468 / 2919 1478) or
  • The Hong Kong Securities and Investment Institute (Tel: 3120 6220)
6
Do I need to re-take a qualifying examination before I apply for re-registration as an SI?
If you have not registered as an SI for more than 3 years or if you have been a registered SI for the past 3 years but your registration has been revoked due to non-compliance of continuing training requirement, then you need to re-take and pass a qualifying examination.
7
What is a Type B regulatee?
A Type B regulatee,
  1. in relation to the Insurance Authority, means
    1. an appointed long term insurance agent;
    2. a person registered with the Insurance Agents Registration Board as a responsible officer of an appointed long term insurance agent;
    3. a person registered with the Insurance Authority, the Insurance Agents Registration Board, The Hong Kong Confederation of Insurance Brokers or the Professional Insurance Brokers Association as:
      1. a technical representative of an appointed long term insurance agent; or
      2. a technical representative of an authorized long term insurance broker; or
    4. a person who is registered with the Insurance Authority, or a relevant insurance broker body, as a chief executive of an authorized long term insurance broker.
  2. in relation to the Monetary Authority, means
    1. a relevant individual registered under section 20 of the Banking Ordinance (Cap.155)(“BO”) as engaged in Type 1 or Type 4 regulated activity, or both, within the meaning of the SFO; or
    2. a person who, with the consent of the Monetary Authority under section 71C of the BO, is an executive officer of a registered institution appointed under section 71C of the BO to be responsible for directly supervising the conduct of each business conducted by the registered institution that constitutes Type 1 or Type 4 regulated activity, or both, within the meaning of the SFO.
  3. in relation to the Securities and Futures Commission, means a person licensed under section 120 of the SFO to carry on Type 1 or Type 4 regulated activity, or both, within the meaning of that Ordinance.
8
Who can be registered as a responsible officer ("RO") of a PI?
  1. An individual who is a subsidiary intermediary attached to the PI;
  2. the individual has sufficient authority within the PI, and will be provided with sufficient resources and support, for carrying out specified responsibilities in relation to the PI;
  3. within 1 year immediately before the date of the application, the individual has not had an approval as an RO revoked by the MPFA under section 34ZW(4)(a)(i) of the MPFSO; and
  4. the individual is not disqualified by the MPFA under section 34ZW(4)(a)(ii) of the MPFSO from being approved as an RO in relation to a PI.
9
Will there be any primary and secondary sponsors in the new regulatory regime?
No.
10
I am an SI, can I be attached to more than one PI and how?
Yes, your PI needs to submit a Form INT-5 for you.
11
I am an SI and have left my PI.  What should I need to do and will my registration cease?
If you cease to be a Type B regulatee when you leave your PI, then you are requird to notify the MPFA within 7 working days by completing a Form INT-7. The MPFA will revoke your attachment to your PI. Whether your registration as an SI remains will depend on whether you have also been attached to another PI. If you have only one PI and the approval of attachment to the PI is revoked, then your registration as an SI will only remain for 90 days from the day of revocation of the approval of attachment by the MPFA. If you cannot find another PI for an attachment, then your registration will be revoked after 90 days. On the other hand, if there is another PI consent to your attachment to it, then the PI is required to apply to the MPFA for an approval of attachment. Once the attachment is appoved, then your registration will continue to remain.
12
Our company is a PI. If we recruit a new staff and want him to be our SI, what should we do?
  1. If he has never been an SI,
    your company needs to ensure that he takes and passes a qualifying examination, and then submits a Form INT-2 for registration and approval of attachment for him.
  2. If he is an SI and he is not attached to a PI because the period that he has been detached from a PI for 90 days or less, then your company only needs to submit a Form INT-5 for approval of attachment between him and your company.
  3. If he has been an SI and he has been detached from a PI for more than 90 days,
    then your company needs to submit a Form INT-2 for him.
13
Our company is a PI. What should we do when our SI resigns and leaves our company?
Your company needs to complete a Form INT-5 to notify the MPFA as soon as possible that the attachment between your SI and your company ceases to subsist.
14
I am an RO, if my PI no longer wants me to be its RO, what should I do?
You need to notify the MPFA your cessation as an RO within 7 working days after it occurs by completing a Form INT-7. Your PI also needs to do the same by notifying the MPFA about your cessation and completes a Form INT-6. If you will not act as an SI for your PI, then your PI also needs to notify the MPFA about the cessation of your attachment to it by completing a Form INT-5.

Notes:
In the Appendix B of the Handbook on MPF Intermediary Registration, there are dozens of scenarios listed for your reference on the forms to be used.
Please also refer to the Guidelines VI.1 - Guidelines on MPF Intermediary Registration and Notification of Changes, Handbook on MPF Intermediary Registration and the relevant sections of the Mandatory Provident Fund Schemes Ordinance (Cap.485) for details.

Last Revision Date: 22/06/2017